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Calculate the labor force participation

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The table below reports some labor market figures for a hypothetical country, Blefuscu in 2005. Assume that there are only two types of employment: full time and part time. Everyone who is not employed is unemployed. Calculate the Labor force participation and ii) unemployment rate. Show all your calculations.

Population

850,000

Working age population

400,000

Number of people Not in the labour force

50,500

Part-time employment as a percentage of total employment

15%

Number of full-time employees

201,451

Rate of underemployment

2%

Reference no: EM131048898

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