Homework (Ch 28) Back to Assignment Attempts Keep the Highest / 2 1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Van, Amy, Carlos, Deborah, Janet, and Felix. Each person's employment status is described in the following table. Based on the criteria used by the Bureau of Labor Statistics (BLS), 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 Status Van is a 25-year-old professional tennis player. When he's not competing, he works as a coach at a local tennis club. Amy is a 29-year-old professional basketball player Employed She finished her last season as a player 3 weeks ago and is currently interviewing for a Not in the adult population coaching position. Not in the labor force Carlos is a 37-year-old graphic designer who is taking 2 years off from work to care for his small daughter. Unemployed Janet is a 29-year-old who lost her job as an associate producer for a radio station. After spending a few weeks out of work and interviewing for several other positions, she gave up on her job search and decided to go back to grad school. She made that decision a few months ago. Felix is a famous novelist. He is spending the summer at his lake house in upstate New York, doing a little writing each day but mostly spending his time gardening and reading. Deborah is a 13-year-old student at West Valley Middle School. She babysits her younger sister and does other chores, so her parents give her an allowance of $20 per week. Complete the right half of the following equation to reflect the labor force participation rate reported by the BLS, Labor Force Participation Rate According to this formula, what is the labor force participation rate of this economy of six people? 33.33% 40% 50% 60% Complete the right half of the following equation to reflect the unemployment rate reported by the BLS. Unemployment Rate According to this formula, what is the unemployment rate of this economy of six people? O 33.33% 40% 50% 60%