Consider a country with 500 million work-eligible residents, a labour force of 340 million, and 68 million unemployed. Answer the following questions:

21(a)

What is the labour force participation rate?

21b)

What is the unemployment rate?

21c)

If 18 million of the unemployed become discouraged and stop looking for work, what is the new unemployment rate?

21d)

Suppose instead that 60 million jobs are created, attracting 40 million new people into the labour force. Assume that everyone who is in the labour force can find a job if there is a job available. What would be the new rates for labour force participation and unemployment?