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You have been asked by the king of the small island nation of Littleston to present the labor force data listed below.
Number of employed: 20,000
Working-age 40,000
population Labor force 38000
Using this data, calculate the number of unemployed people, the unemployment rate, and the labor force participation rate.
Enter your answers in the table below. (NOTE: for the unemployment rate and the labor force participation rate, round to one place past the decimal point.)Number of unemployed people:
Unemployment rate :
Labor force participation rate:
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