Given the population, labor force, unemployment rate, calculate number of employed, unemployed, and employment rate.
Suppose the following data describe hypothetical country's population:
Year 1 Year 2 Year 3
Population 247 000 000 259 000 000 263 000 000
Labor force 141 000 000 144 000 000 156 000 000
Unemployment rate 5% 5% 5.5%
1. How many people are unemployed in each year?
2. How many people are employed each year?
3. Compute the employment rate (i.e., number employed : population) in each year
4. Illustrate how can employment rate may go-up or down in the unemployment rate stays the same? Explain how can employment rate go up if unemployment rate also goes up?