The following is information about labor market: Entire Population800People under the age of 1675Retired people200Number of people with full time job250Number of people with part time job175Number of people without a job but looking for one75Number of people without a job and not looking for it25 What is the unemployment rate?What is the labor force participation rate?.please make sure the answer is correct 100%

Labor force (LF) = Full time employed + Part time employed + Unemployed but looking for job = 250 +…

Answered: The following is information about…

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter8: Economic Fluctuations, Unemployment, And Inflation

Section: Chapter Questions

Problem 5CQ

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The following is information about labor market:

Entire Population	800
People under the age of 16	75
Retired people	200
Number of people with full time job	250
Number of people with part time job	175
Number of people without a job but looking for one	75
Number of people without a job and not looking for it	25

What is the unemployment rate?
What is the labor force participation rate?

please make sure the answer is correct 100%

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