Question: From the data below, answer the following questions. Working-age population 250 million Not in labor force 85 million Discourage workers 2 million involuntary part-time workers

From the data below, answer the following

From the data below, answer the following questions. Working-age population 250 million Not in labor force 85 million Discourage workers 2 million involuntary part-time workers 8 million Unemployed 15 million a. Compute the labor force participation rate and the official unemployment rate, respectively. Show your work. b. Suppose that 2 million jobless people (i.e., unemployed) suddenly quit looking for a job. How does it affect the labor force participation rate and the official unemployment rate (U-3)? Briefly explain your reasoning without calculating both the labor force participation rate and the unemployment rate

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