APLIA 15.docx - APLIA 15 1 Measuring employment...

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APLIA 151. Measuring employment, unemployment, and labor force participationConsider a small economy composed of six people: Sean, Yvette, Bob, Cho, Ginny, and Eric. Each person's employment status is described in the following table.Complete the right half of the following equation to reflect the labor force participation rate reported by the BLS.According to this formula, what is the labor force participation rate of this economy of six people?20%60%66.67%200%
Complete the right half of the following equation to reflect the unemployment rate reported by the BLS.
Unemployment RateUnemployment Rate= According to this formula, what is the unemployment rate of this economy of six people?=
2. Discouraged workersWhich of the following statements correctly describe discouraged workers? (If none of the choices apply, leave all of the checkboxes blank.)Check all that apply.The following table contains U.S. employment information from February 2011.Civilian PopulationEmployedUnemployedDiscouraged(Persons 16 years oldand over)(Persons)(Persons)(Persons)238,851,000139,573,00013,673,0001,020,000The Bureau of Labor Statistics has several measures of joblessness in addition to the official unemployment rate. One alternative is the U-4 measure of labor underutilization, which is calculated as follows:U-4U-4= 100×Unemployed+DiscouragedLabor Force + Discouraged100×Unemployed+DiscouragedLabor Force +DiscouragedFill in the following table by calculating the official unemployment rate and the U-4 measure of labor underutilization.= Official Unemployment RateU-4 Measure of Labor Underutilization(Percent)(Percent)

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