Instructions: Answer all questions. This should be submitted at the next Tutorial Class 1. In a...

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Instructions: Answer all questions. This should be submitted at the next Tutorial Class 1. In a certain economy the population 18 years old or over was 305.1 million, the labour force was 147.3 million, and the number of employed persons was 128.6 million. (a) Calculate the Unemployment Rate and the Labour Force Participation Rate (4 marks) (b) Calculate the new Unemployment Rate and Labour Force Participation Rate if one million unemployed persons dropped out of the labour force.(4 marks) Instructions: Answer all questions. This should be submitted at the next Tutorial Class 1. In a certain economy the population 18 years old or over was 305.1 million, the labour force was 147.3 million, and the number of employed persons was 128.6 million. (a) Calculate the Unemployment Rate and the Labour Force Participation Rate (4 marks) (b) Calculate the new Unemployment Rate and Labour Force Participation Rate if one million unemployed persons dropped out of the labour force.(4 marks)