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Assume an economy has population of 500, population 16 years or older and non- institutionalized of 400, people employed full-time or part-time of 200, people

Assume an economy has population of 500, population 16 years or older and non- institutionalized of 400, people employed full-time or part-time of 200, people unemployed and actively seeking work of 20, people who have quit seeking work due to frustration of 10, and part-time workers seeking full-time jobs of 30. Calculate the following: a. Employment-population ratio b. Labor force c. Official unemployment rate

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