Problem: Employment and UnemploymentI. Consider a country with the following information. The non-institutionalized, age-eligible, population is 200,000. There are 120,000 employed people, and 6,000 unemployed people. a. How many people are in the labor force?b. What is the labor force participation rate?c. What is the unemployment rate?d. How many people are not in the labor force?II. Suppose that the non-institutionalized, age-eligible, population of a country is 400,000. The labor force participation rate is 75% and the unemployment rate is 5%.a. How many people are in the labor force?b. How many people are unemployed?c. How many people are employed?d. How many people are not in the labor force?III. Suppose that the non-institutionalized, age-eligible, population of a country is 500,000. The unemployment rate is 5% and there are 20,000 unemployed people.a. How many people are in the labor force?b. What is the labor force participation rate?c. How many people are employed?d. How many people are not in the labor
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