1. The following table shows the employment level, unemployment level, and the labor force participation rate in Greece for the month of March of every year from 2008 to 2020. Use the given data to complete the table and answer the following questions. (Note: All rates are in percent.)

a. In which years did the economy witness increases in the unemployment rate? What could possibly explain this?

b. Use the data on the size of the labor force and potential workers to compute the percentage of adults out of the labor force for the year 2017. Verify that your calculation is equal to one minus the labor force participation rate.

c. What are the general trends that you observe in the data?

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Number Unemployed Number Labor Force Employed Year (in thousands) (in thousands) Rate Participation Employment Unemployment Labor Adult Rate Force Population Rate 2008 454.1 4537.4 52.9% 2009 475.1 4535.5 53.2% 2010 594.9 4432.1 53.6% 2011 828.3 4126 53% 2012 1130.4 3745.6 52.4% 2013 1302.8 3491 52% 2014 1343.4 3495.6 51.9% 2015 1299.4 3438.1 51.6% 2016 1189.9 3600.7 52.04% 2017 1079.717 3669.1972 51.9% 2018 973.5729 3768.629 51.6% 2019 844.038 3846.3319 51.8% 2020 665.3619 3813.0379 50.6%