Question
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
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.
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