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show all reasoning/work 4) Suppose the working-age population in an economy is 28M and this includes 18M who employed and 2M who are unemployed (WImillion).

show all reasoning/work

4) Suppose the working-age population in an economy is 28M and this includes 18M who employed and 2M who are unemployed (WImillion). In this economy: a) the unemployment rate is 2/28 7.1 b) the participation rate is (18+2)/28 = 71.4%; c) the participation rate is 18/28 64.3%; d) the total number not in the labour force is 10M.

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