QUESTION 1

The following is information about a nation's labour market. All numbers are in million people.

Total population = 128

People who are younger than 16 years old and institutionalized = 24

Full-time students = 10

Full-time homemakers = 7.5

Pensioners = 11

Discouraged workers = 0.5

Workers who are employed on a full-time basis = 60

Workers who are employed on part-time basis = 12.5

i)Compute the labour force participation rate.(8 marks)

ii)Compute the employment rate.(8 marks)

iii)Compute the number of unemployed workers.(5marks)

iv)Compute the unemployment rate.(8 marks)

v)Compute the size of the institutionalized population.

show all the working steps.