Find labor force participation rate for hypothetical economy

Reference no: EM13204277

Use the following data to calculate:
(a) the size of the labor force,
(b) the official unemployment rate,
(c) the labor force participation rate for a hypothetical economy;

Given population = 500,
Population 16+ and non-institutionalized = 400,
People employed full or part-time = 200
People unemployed and actively seeking work = 20
People who have quit seeking work due to lack of success = 10
Part-time workers seeking full time jobs = 30

Reference no: EM13204277

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