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Problem 2: Quick Unemployment Calculations [4 Points] Suppose that a country has a population of 200 people: 20 people are children and the elderly, and
Problem 2: Quick Unemployment Calculations [4 Points] Suppose that a country has a population of 200 people: 20 people are children and the elderly, and have no interest in working, and do not work. 140 people are currently working. 30 people are not working, but are looking for work. 10 people are not working, and would work if given a job, but are not looking for work at the moment. What is the Unemployment Rate and the Employment Rate in this economy? [2 points] Now suppose that 10 individuals who were not working and were looking for work give up looking for work (they become discouraged workers). 10. What is the new Unemployment Rate and the new Employment Rate in this economy after this change? [2 points]
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