Question 1 – Below are some hypothetical statistics for a country in September 2020. Compute the unemployment rate for that month (all figures are in thousands).Population 332,454 Working age population 260,776 Participation Rate 71.4% Employed 173,905 QuestionYour Answers & CalculationsWhat is the size of the labour force in this economy? What is the unemployment rate in this economy? What is the employment rate in this economy? Suppose that 2500 of the unemployed people stop searching for work. What is the unemployment rate now? Suppose that 8,000 people migrate to Canada and start to look for work as soon as they land in the country. What happens to the unemployment rate in that case?(Assume there are no discouraged worker from the above question)

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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Population 332,454
Working age population 260,776
Participation Rate 71.4%
Employed 173,905
Question	Your Answers & Calculations
What is the size of the labour force in this economy?
What is the unemployment rate in this economy?
What is the employment rate in this economy?
Suppose that 2500 of the unemployed people stop searching for work. What is the unemployment rate now?
Suppose that 8,000 people migrate to Canada and start to look for work as soon as they land in the country. What happens to the unemployment rate in that case? (Assume there are no discouraged worker from the above question)