1. Explain when an economy is said to be at full employment.

2. Define Frictional and Structural Unemployment. Give one example for each.

3. Country A has a population of 200 million.

The working population makes up 70% of the population.

Out of the working-age population, half of them, are in the labour force.

7 million people are actively looking for work but not able to get a job yet.

Calculate:

3- 1 The number of people in the Labour Force.

3-2 The Unemployment Rate.

3-3 Labour Force Participation Rate.