Attempts Score l 6 37. Measuring employment, unemployment, and labor force participation Consider a tiny hypothetical economy composed entirely of the following people: Paolo, Sharon, Van, Amy, Deborah, and Carlos. Each person's employment status is given in the following table. Based on the criteria used by the Bureau of Labor Statistics (8L5), identify each person's status as employed, unemployed, "not in the labor force\" (if not in the civilian labor force but still part of the adult population), or "not in the adult population\"if not in the civilian adult population. Person Paolo is a 41-year-old steelworker who was laid off from his job 6 months ago. He is frustrated with his inability to find a new full-time position. Last week, he took a part-time job but was given only 3 hours of work. Sharon is a 24-year-old recent college graduate . She did not work for pay last week, but she had two job interviews. Van is a 47-year-old accountant who has been out of work for almost a year. He became so discouraged that he gave up on hisjob search a couple of months ago. Deborah is a 31-year-old science teacher who taught at River Rock Middle School last year. Due to budget cuts, she was laid off at the end of the school year. It's the summer now, and after a few weeks of vacation with her family, she is looking for a part-time job as a tutor. Carlos is a 20-year-old American Studies major at the University of Alabama. It's summer now, and he is working as a lifeguard in Memphis, Tennessee. Amy is a 11-year-old student at River Mountain Middle School. She babysits her younger brother and does other chores, so her parents give her an allowance of $25 per week. Status Complete the right half of the following equation to reflect the labor force participation rate reported by the BLS. Labor Force Paicipaticm Rate : V According to this formula, what is the labor force participation rate of this economy of six people? C) 409% C) 509% C) 809% C) 100%5 Complete the right half of the following equation to reflect the unemployment rate reported by the BLS. Unemployment Rate = Y According to this formula, what is the unemployment rate of this economy of six people? (3 409% C) 509% C) 309% C) 100%h