Question 1. Suppose 1,800,000 people are employed, 40,000 people are unemployed, and an additional 250,000 people are not in the labour force, but are of working age. What is the formula for the unemployment rate? Calculate the unemployment rate and briefly explain how you did this. What is the formula for the labour force participation rate? Calculate the labour force participation rate and briefly explain how you did this.(2 marks) Approx. number of words: 150.