11 . Problems and Applications [1-5 Economists use labormarket data to evaluate how well an economy is using its most valuable resourceits people. Two closely watched stastics are the unemployment rate and the employmentpopulation ratio (calculated as the percentage of the adult population that is employed). Indicate what happens to the unemployment rate and the empioymentpapulation ratio in each of the following scenarios. Effect 0n... EmploymentPopulation Scenario Unemployment Rate Ratio An auto company goes bankrupt and lays off its workers, who immediately start V v looking for new jobs. 4 4 After an unsuccessful searchr so me laidoff workers quit looking for new jobs. 4 4 As a result of an economic boom. many students drop out of school and start working as soon as iey become adults. Advances in health care prolong the lives of many retirees. V v