1.Consider the population of a small country, assuming that the number of people in each category is as follows (There is a video in Content that will help with these calculations):

Total population = 25,000

Children under age 16 = 4,000

People working full time for pay = 11,000

People working part time for pay = 3,000

People not working but seeking employment = 1,000

People not working but have given up seeking employment = 900

a. Calculate the labor force participation rate

b. Calculate the unemployment rate.

2.Describe the personal effects of unemployment.