Question

# An economy has 100 people divided among the following groups: 25 have full-time jobs, 20 have one part-job, 5 have two part-time jobs, 10 would like to work and are looking for jobs, 10 would like to work but are so discouraged the have given up looking, 10 are running their own businesses, 10 are retired, and 10 are small children. a. Calculate the labor force and the labor-force participation rate. b. Calculate the number of unemployed and the unemployment rate. c. Calculate total employment in two ways: as measured by the household survey and as measured by the establishment survey.

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In this problem, we will determine the indicators related to employment.

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