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QUESTION 1 The Bureau of Labor Statistics reported the following information in May 2015: Statistic Quantity...

QUESTION 1

  1. The Bureau of Labor Statistics reported the following information in May 2015:

    Statistic Quantity (in thousands of people)
    Working Age Population 250,455
    Employment 148,795
    Unemployment 8,674

    What is the unemployment rate in the US in May 2015? (answer to one decimal place)

15 points   

QUESTION 2

  1. The Bureau of Labor Statistics reported the following information in May 2015:

    Statistic Quantity (in thousnds of people)
    Working Age Population 250,455
    Employment 148,795
    Unemployment 8,674

    What is the labor force participation rate in the US in May 2015? (answer to one decimal place)

15 points   

QUESTION 3

THERE ARE MORE THAN 1 answer for some questions

  1. Odi currently works 40 hours per week at his job. Odi is considered to be (check all that apply)

    part time for noneconomic reasons

    a marginally attached worker

    part time for economic reasons

    not in the labor force

    full time

    a discouraged worker

    unemployed

    employed

14 points   

QUESTION 4

  1. Jan is a student who currently works 20 hours per week at her job. Jan is considered to be (check all that apply)

    full time

    a marginally attached worker

    part time for economic reasons

    unemployed

    part time for noneconomic reasons

    not in the labor force

    a discouraged worker

    employed

14 points   

QUESTION 5

  1. Tommy used to work as a dockworker, but lost his job when the port closed. He looked for another job for quite some time but was unsuccessful so he gave up looking. Tommy is considered to be (check all that apply)

    unemployed

    full time

    part time for noneconomic reasons

    a discouraged worker

    not in the labor force

    part time for economic reasons

    employed

    a marginally attached worker

14 points   

QUESTION 6

  1. George is not currently working but has an interview at Vandalay industries. George is considered to be (check all that apply)

    part time for noneconomic reasons

    not in the labor force

    a marginally attached worker

    part time for economic reasons

    a discouraged worker

    employed

    unemployed

    full time

14 points   

QUESTION 7

  1. Sienna currently works 20 hours per week as a librarian, but is looking for a full time job. Sienna is considered to be (check all that apply)

    unemployed

    full time

    not in the labor force

    a discouraged worker

    part time for economic reasons

    part time for noneconomic reasons

    a marginally attached worker

    employed
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Homework Answers

Answer #1

Q1) unemployment rate = (unemployed / unemployed + employed)*100

=(8,674 / (8,674 + 148,795))*100 = 5.5%

Q2) Labor force participation rate = ((unemployed + employed) / working age population)*100

= ((8,674 + 148,795)/250,455)*100 = 62.9%

Q3) The answer is full time and employed. A person working for 40 hours is working and full time and is part fo the employed labor force.

Q4) The answer is part time for economic reasons and employed. A person working between 1-34 hours is working and part time and since he wants a full time job, she is part time ofr economic reaosns and is part of the employed labor force.

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