b. Why does the official unemployment rate likely underestimate the actual level of unemployment in the economy? (Enter response here.) c. What are some possible impacts of the current shortcomings of the unemployment rate? (Enter response here.) 5. Fifty years ago, the minimum wage in a hypothetical country was approximately $1.50 per hour. At that time, a family with two adults and two children could live in that country for about $50 per week for food and necessities. Fifty years later, the minimum wage in that country is about $8.00 per hour and the cost of living has gone up to approximately $500 per week for an equivalent family of four. a. How many hours per week would someone have to work to pay for food and necessities for a family with two adults and two children fifty years ago in this hypothetical country? (Enter response here.) b. How many hours per week would someone have to work to pay for food and necessities for a family with two adults and two children fifty years later in this hypothetical country? (Enter response here.) c. Has the country experienced inflation or deflation? (Enter response here.) d. What likely changes have happened in this hypothetical country's economy to cause this outcome? (Enter response here.) Country Adult Population Labor Force (a) Unemployment Employed Unemployed Rate (b) Labor Force Participation Rate (C) A 120,000 (Enter response (Enter 60,000 4,500 (Enter response here.) response here.) here.) 2. The table below gives employment and population values for hypothetical Country B. Calculate the missing values. Adult Labor Employed Country Population Force (b) Unemployed Unemployment Rate (c) (a) Labor Force Participation Rate (Enter B response 28,000 here.) (Enter response 3,000 (Enter response here.) 60.00% here.) 3. The table below gives employment and population values for hypothetical Country C. Calculate the missing values. Country Adult Labor Employed Unemployed Unemployment Population Force (a) (b) Rate Labor Force Participation Rate (C) с 70,000 40,000 (Enter your answer (Enter your (Enter your answer 10.00% answer here.) here.) here.) 4. The official unemployment rate is calculated by the Bureau of Labor Statistics. However, it does not provide a fully accurate measure of the current conditions of the labor market. We've learned that both high and low unemployment rates can be misleading. Based upon the material from this unit, answer the following questions. a. How does the U.S. government officially measure employment and unemployment in the economy? (Enter response here.)