ANSWER ALL THE QUESTIONS

QUESTION 1

The following is information about a nation's labour market. All numbers are in million people.

Total population = 128

People who are younger than 16 years old and institutionalized = 24

Full-time students = 10

Full-time homemakers = 7.5

Pensioners = 11

Discouraged workers = 0.5

Workers who are employed on a full-time basis = 60

Workers who are employed on part-time basis = 12.5

i)Compute the labour force participation rate.(8 marks)

ii)Compute the employment rate.(8 marks)

iii)Compute the number of unemployed workers.(5marks)

iv)Compute the unemployment rate.(8 marks)

v)Compute the size of the institutionalized population.