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.
|
Population
|
850,000
|
|
Working age population
|
400,000
|
|
Number of people Not in the labor force
|
50,500
|
|
Part-time employment as a percentage of total employment
|
15%
|
|
Number of full-time employees
|
201,451
|
|
Rate of underemployment
|
2%
|