X MindTap - Cengage Learning X Consider A Small Economy Comp x age.com/staticb/ui/evo/index.html?deploymentld=5677172285768718789809854&eISBN=9781337096669&id=1397124410&snaps CENGAGE | MINDTAP Homework (Ch 20) Attempts Keep the Highest / 10 1. Measuring employment, unemployment, and labor force participation Consider a small economy composed of six people: Clancy, Eileen, Hubert, Kate, Poornima, and Manuel. 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 Clancy is a 44-year-old autoworker 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. Eileen is a 27-year-old recent college graduate She did not work for pay last week, but she had two job interviews. Hubert is a 45-year-old accountant who has been out of work for almost a year. He became so discouraged that he gave up on his job search a couple of months ago. Poornima is a 31-year-old science teacher who taught at West Valley 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. Manuel is a 20-year-old American Studies major at the University of Tennessee. It's summer now, and he is working as a lifeguard in Mobile, Alabama. Kate is a 10-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 $30 per week.CENGAGE | MINDTAP Homework (Ch 20) 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? 40% 50% 80% 100% 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? 409% 50% 90% 100% Grade It Now 56