An economy has 200 million people divided among the following groups; 50 million have full time jobs, 20 million have one part-time job, 40 million have two part-time jobs, 30 million would like to work and are looking for jobs, 10 million would like to work but are so discouraged they have given up looking, 10 million are running their own business, 10 million are retired, and 30 million are small children.
a. What is the size of the labor force?
b. What is the labor force participation rate?
c. What is the unemployment rate?
d. Why might the unemployment rate be a poor indicator of how well a country's labor resource is being utilized?
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