The table below shows unemployment and labor force statistics for an economy. Actual rate of unemployment Natural rate of unemployment Population of the country Number of people employed Number of people unemployed Number of people employed part time Number of people discouraged workers 3% 4% 125 million 97 million 3 million 5 million 2 million a. Calculate the size of the labor force. b. Calculate the labor force participation rate. Show your work. c. Given the state of the economy described in the table, is actual real output less than, greater than, or equal to potential real output? Explain.

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