Assume you have the following information about an economy: Labor Force of an Economy Number of People (millions) Population over age 16 249.7 Labor force 157.2 Not in the labor force 92.5 Employed 148.2 Unemployed 9.0 Instructions: Round your answers to two decimal places. a. What is the unemployment rate in this economy? % b. What is the labor force participation rate? % c. Suppose that 1 million currently unemployed workers decide to no longer actively look for work. What is the unemployment rate in this economy now? % d. What is the new labor force participation rate? %
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