Mt. San Jacinto ECON 2301 – Assume you have the following

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June 7th, 2024

Assume you have the following information about an economy:Number of People(in millions) Population over age 16 248.2 Labor force 156.0 Not in the labor force 92.2 Employed 146.4 Unemployed 9.6Instructions: Round your answers to 2 decimal places.a. What is the unemployment rate in this economy? %b. What is the labor force participation rate? %c. Assume that 1 million discouraged workers decide to start looking for work again, thereby increasing the number of officially unemployed workers by 1 million. What is the unemployment rate now? %d. What is the new labor force participation rate? %

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