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1 - 1 Measuring employment unemployment and labour force...

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Unformatted text preview: 1. Measuring employment, unemployment, and labour force participation 2 Consider a small economy composed of six people: Brian, Erin, Jim, Sunita, Dmltrl, and Maria. Each person's employment stews Is described below. Based on the criteria used by Statistics Canada, classlw each person as employed, unemployed, not In the labour force {but still part of the adult population), or not In the adult population. Note that people counted as not in the labour force must be part of the adult population. Person Slams Bflan is a 27-year-old professional tennis player. When he's not competing, he Employed J works as a coach at a local country club, Marla Is an 18-year-old who Just graduated from high school, She‘s taking it easy Not in Labour Force J this summer, relaxing by the pool with her Heads and family and volunteenng part-time at the local nursing home. Erln is a 37-year-old professional basketball player. She finished her last season as Unemployed J a player three weeks ago, and is cun‘eritly Interviewing for a coaching position. Jlm Is a 34-year-old accountant who has been out of work for almost a year. He Not in Labour Force J became so discouraged, that a couple of months ago, he gave up on his job seardm Sunlta is a 12-year-old student at West Valley Middle School. She babyslts her Not in Adult Population J younger sister and does other chores, for which her parents give her an allowance of $20 per week. Dmitri Is a 25-year-old who lost his job as a oopyeditor for a local newspaper, He's Unemployed J spent the past few weeks out of work and Intenrlewing for other editing Jobs. If his job search doesn’t pan out after a few more weeks, he‘s thinking about going back to grad school. The labour force participation rate reported by Statistics Canada is given by the formula: Number in Labour Force \f Adult Population \( Labour Force Paltlclpatlon Raine = Using this definition, what is the labour force participation rate of this economy? 0 33% J O 60% O 80% O 50% O 67% Expllnltlon: on... v The unemployment rate reported by Statistics Canada is given by the formula: Number of Unemployed workers J Number in Labour Force J Unemployment Raine = Accordlng to this formula, what Is the unemployn-ent rate of this economy? 0 60% J 0 67% O 33% O 80% O 50% Explanation: on... v Palms: l2 - — ”vegan“: ...
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