Question

In: Statistics and Probability

A BLS labor market survey of two households has gathered the following data: Household 1: Candy...

A BLS labor market survey of two households has gathered the following data:

Household 1: Candy worked 20 hours last week setting up her internet shopping business. The rest of the week she completed application forms and attended two job interviews. Husband Jerry worked 40 hours at his work at GM. Daughter Meg, a student, worked 10 hours at her weekend job at Starbucks.
Household 2: Ari had no work last week but was going to be recalled to his regular job in two weeks. Partner Costa, after months of searching for a job and not being able to find one, has stopped looking and will be back to school.

Classify each of the 5 people into the labor market category used by the BLS.

Solutions

Expert Solution

Household 1: Candy worked 20 hours last week setting up her internet shopping business. The rest of the week she completed application forms and attended two job interviews. Husband Jerry worked 40 hours at his work at GM. Daughter Meg, a student, worked 10 hours at her weekend job at Starbucks.

Candy would be part of the working, age population as she a above 16 years of age and is not in jail, hospital or some other forms of institutional care or in the U.S. armed forces. Candy would also be part of labor force and would be termed as employed because she has worked for more than 15 hours (exactly 20 hours) as unpaid worker in her own business during the week before the survey.

Candy's husband Jerry would also be part of the working, age population as he is above 16 years of age and is not in jail, hospital, or some other forms of institutional care or in the U.S. armed forces. Jerry would also be part of labor force and would be termed as employed because he has worked 40 hours at his job at GM during the week before the survey and all those who worked at least 1 hour as paid employees during the week before the survey are considered as employed.

Their daughter Meg would also be part of the working, age population as she is above 16 years of age and is not in jail, hospital, or some other forms of institutional care or in the U.S. armed forces. Meg would also be part of labor force and would be termed as employed because she has worked 10 hours at her weekend job at Starbucks during the week before the survey and all those who worked at least 1 hour as paid employees during the week before the survey are considered as employed.

Household 2: Ari had no work last week but was going to be recalled to his regular job in two weeks. Partner Costa, after months of searching for a job and not being able to find one, has stopped looking and will be back to school.

Ari would be part of working, age population as he is above 16 years of age and is not in jail, hospital, or some other forms of institutional care or in the U.S. armed forces. Jerry would also be part of labor force and would be termed as unemployed he was going to be recalled to his regular job in two weeks and all those who were waiting to be recalled to a job from which they had been laid off are considered as unemployed

Ari's partner Kosta would be part of the working, age population as she is above 16 years of age and is not in jail, hospital, or some other forms of institutional care or in the U.S. armed forces. Kosta would not be part of labor force as she is neither employed nor unemployed. She could not be considered officially employed because of two reasons, firstly, she had not worked at least 1 hour as paid employee or had worked 15 hours or more as unpaid workers in her own business during the week before the survey. Secondly, she also does not have the full time job or business from which she was temporarily absent during the week before the survey.

She could not be considered officially unemployed because of two reasons: Firstly, even though she had no employment but then also she had not looked for job during the week before the survey. Secondly, she also had not been making any specific efforts to find a job during the previous four weeks and also had not been waiting to be recalled to a job from which she had been laid off.


Related Solutions

Use the following information gathered by a BLS labor market survey of four households to work....
Use the following information gathered by a BLS labor market survey of four households to work. Household 1: Candy worked 20 hours last week setting up her Internet shopping business. The rest of the week, she completed application forms and attended two job interviews. Husband Jerry worked 40 hours at his job at GM. Daughter Meg, a student, worked 10 hours at her weekend job at Starbucks. Household 2: Joey, a full-time bank clerk, was on vacation. Wife, Serena, who...
The Bureau of Labor Statistics (BLS) adjusts the numbers from the household survey to estimate the...
The Bureau of Labor Statistics (BLS) adjusts the numbers from the household survey to estimate the employment picture for the entire population. Once the adjustment is made, the BLS uses the figures to generate key employment indicators. The following table presents information from the household surveys conducted for November 2017 and, for purposes of comparison, November 2016. The numbers in the table are listed in thousands. For example, the number of unemployed in the table for November 2017 indicates that...
A survey of ten households showed the following number of TV sets per household. 1, 3,...
A survey of ten households showed the following number of TV sets per household. 1, 3, 2, 1, 1, 2, 0, 2, 1, 2 a. Find the mean, variance and standard deviation for this sample of ten households b. Construct a 95% confidence interval for the population mean number of TV sets per household. c. Test if the population mean number of TV sets per household is 2.
​​​​​​A sample survey of 36 randomly selected households shows that the median household income of the...
​​​​​​A sample survey of 36 randomly selected households shows that the median household income of the eastern NC residents is $51,000, with a standard deviation of $1075. Test the (null) hypothesis that the actual (real) median household income is $52,752 at 0.05% confidence level.
Please answer the following questions: 1- Summarize the Household Survey Data section of the news release...
Please answer the following questions: 1- Summarize the Household Survey Data section of the news release (page #1-#2). 2- Summarize the Establishment Survey Data section of the new release (page #2-#3). 3- Is the downward trend in unemployment due to higher employment or higher amount of discouraged workers? 4- How do you think the new unemployment numbers may affect the national inflation rate? Use the following link as the source: https://www.bls.gov/news.release/pdf/empsit.pdf
Please answer the following questions: 1- Summarize the Household Survey Data section of the news release...
Please answer the following questions: 1- Summarize the Household Survey Data section of the news release (page #1-#2). 2- Summarize the Establishment Survey Data section of the new release (page #2-#3). 3- Is the downward trend in unemployment due to higher employment or higher amount of discouraged workers? 4- How do you think the new unemployment numbers may affect the national inflation rate? Use the following link as the source: DATA AVAILABLE IN THE FOLLOWING LINK https://www.bls.gov/news.release/pdf/empsit.pdf
Colleen Company has gathered the following data pertaining to activities it performed for two of its...
Colleen Company has gathered the following data pertaining to activities it performed for two of its major customers. Jerry, Inc. Kate Co. Number of orders 6 30 Units per order 1,000 420 Sales returns: Number of returns 4 5 Total units returned 50 140 Number of sales calls 13 5 Colleen sells its products at $290 per unit. The firm’s gross margin ratio is 20%. Both Jerry and Kate pay their accounts promptly and no accounts receivable is over 30...
Question 1. Suppose that the demand for candy increases. How would this affect the labor market...
Question 1. Suppose that the demand for candy increases. How would this affect the labor market in the candy industry? The marginal resource cost (MRC) would increase because workers would demand higher wages. The marginal revenue product (MRP) of labor would decrease because the companies want each worker to produce more candy. The marginal revenue product (MRP) of labor would increase because the companies are making more money per worker. The marginal resource cost (MRC) would decrease because companies see...
A- Martin is analyzing a project and has gathered the following data. Based on this data,...
A- Martin is analyzing a project and has gathered the following data. Based on this data,                        what is the average accounting rate of return? The firm depreciates it assets using                        straight-line depreciation to a zero book value over the life of the asset.                                                            Year                          Cash Flow             Net Income                                        0                              -$642,000                       n/a                                        1                              $170,000                $ 9,500                                        2                              $240,000                $79,500                                        3                              $205,000                $44,500                                        4                             ...
The following is a report from a BLS survey taker: “There were 70 people in the...
The following is a report from a BLS survey taker: “There were 70 people in the houses I visited. 12 of them were children under the age of 16, 25 people had full-time jobs, and 6 had part-time jobs. There were 10 retirees, 5 full-time homemakers, 5 full-time students over age 16, and 2 people who were disabled and cannot work. The remaining people did not have jobs, but all said they would like one. One of these people had...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT