a) If in Canada the working-age population is 30 million, 18 million are employed, 2 million are

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Question:

a) If in Canada the working-age population is 30 million, 18 million are employed, 2 million are unemployed, and 2 million of the employed are working part-time, half of whom wish to work full-time. Calculate the unemployment-rate (show the formula and your work).

b) How is “unemployed” defined in Canada?

3c) If the unemployment rate calculated in part a) is considered “cyclical” what is likely happening to GDP? Describe the other two types of unemployment