Consider the population of a small country. Assume the following demographic data for this country:

total population = 2,000

elderly retired people = 600

children under the age of 16 = 200

full time students = 60

full-time homemakers = 80

people working full time for pay = 800

people working part time for pay = 100

people not working but seeking employment = 100

people not working but not seeking employment = 60

a. Calculate the labour force participation rate and explain what it means.

b. Calculate the unemployment rate and explain what it means.

c. Distinguish between structural and cyclical unemployment.

d. List and briefly explain 2 policies that can reduce structural unemployment.