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Suppose an economy has a population of 5,000 people. 1,000 people are under the age of 16. 1,250 people are not in the labor force.

Suppose an economy has a population of 5,000 people. 1,000 people are under the age of 16. 1,250 people are not in the labor force. 2.000 people are employed full-time. 475 people are employed part-time. Of the 475 part-time workers, 275 are also seeking full-time employment.

What is the size of the labor force?

What is the unemployment rate?

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