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Because larry and raphael are not actively seeking

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Because Larry and Raphael are not actively seeking employment, they are not considered part of thelabor force. Note that not being in the labor force is different from being unemployed. Once peopleleave the labor force, they are not counted when calculating the unemployment rate.Because Megan is under the age of 16, she is not considered part of the adult population.Complete the right half of the following equation to reflect the labor force participation rate reported by theBLS.According to this formula, what is the labor force participation rate of this economy of six people?Explanation:The BLS defines the labor force participation rate as the fraction of the adult population that is in thelabor force—that is, those who are employed or else unemployed and actively searching for work.By this definition, Felix, Janet, and Susan are part of the labor force because they are either working orsearching for a job. In contrast, because Larry and Raphael are not actively seeking employment, theyare not considered part of the labor force. And because Megan is under the age of 16, she is not

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Term
Spring
Professor
Adeyemi Adesuyi
Tags
Unemployment, labor force, BLS, Jobless recovery

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