The table below reports some labor market figures for a hypothetical country, Blefuscu in 2005. Assume that there are only two types of employment: full time and part time. Everyone who is not employed is unemployed. Calculate the Labor force participation and ii) unemployment rate. Show all your calculations.
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Population
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850,000
|
|
Working age population
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400,000
|
|
Number of people Not in the labour force
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50,500
|
|
Part-time employment as a percentage of total employment
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15%
|
|
Number of full-time employees
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201,451
|
|
Rate of underemployment
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2%
|