From the data below, answer the following questions. Working-age population 250 million Not in labor force 85 million Discourage workers 2 million Involuntary part-time workers 8 million Unemployed 15 million   a. Compute the labor force participation rate and the official unemployment rate, respectively.  Show your work.  b. Suppose that 2 million jobless people (i.e., unemployed) suddenly quit looking for a job.  How does it affect the labor force participation rate and the official unemployment rate (U-3)?  Briefly explain your reasoning without calculating both the labor force participation rate and the unemployment rate.

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