Suppose that Canada has the following labor market statistics during a given year:

Working age population = 26.5 million

no. of employed = 22.4 million

part time workers who would like full time work = 4.3 million

labor force = 24.2 million

Questions:

(a) Calculate Canada's unemployment rate

(b) Calculate Canada's labor force participation rate

(c) Calculate Canada's rate of underemployment

(d) How will your answer in (b) change if 200 000 people give up looking for work? Please show a calculation...

(e) How does Stats Can's monthly measure of the unemployment rate compare to the "true" unemployment rate in Canada? Explain...