Calculating Unemployment

Small Nation on a remote Island in the Pacific. Show all work and formulas in this section for full credit.

Data description Number of people(population) (in millions)

Total population 2,600

Working age population 2,000

Not in the labor force 500

Employed 1,300

Table 2 above shows gives the status of the population of a (small) nation.

1. What is the size of the labor force?
2. What are the number of unemployed workers in this nation?
3. What is the unemployed rate?
4. What is the size of the labor force participation rate for this nation?