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50 million people under 16 170 million people working 20 million people not working and not looking for work 10 million people not working but

50 million people under 16

170 million people working

20 million people not working and not looking for work

10 million people not working but looking for work

Calculate each of the following:

(a) Unemployment Rate

(b) Labor Force Participation Rate

Continuing with the numbers from the question above.

Suppose 1 million people not working but looking for work gave up looking for work altogether.

(a) Calculate the new unemployment rate.

(b) Calculate the new labor force participation rate.

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