Question: Note: Please show the full calculation work clearly step by step to get the full marks. Calculate the values up to two decimal points.

Note: Please show the full calculation work clearly step by step to get the full marks. Calculate the values up to two decimal points. Write your response with a complete sentence in the space provided; no attachments or email will be considered for marking. A. Explain the concept of Unemployment. Please write down all the conditions for the unemployment. (2 points) B. With the information provided, determine the unemployment rate for each of these hypothetical economies. Please show the full calculation work with the written formula to get the full marks a. Labour force = 48 million; number of people unemployed - 5.5 million; population - 57 milli points) b. Number of people employed 32 million; labour force- 29 million (2 points) C. What would be the labour force participation rate if (Please show the full calculation work with the written formula to get the full marks) a. The population = 352 million, the labour force = 280 million, and employment = 250 million? Points) b. Starting from the above situation, what would happen to the labour force participation rate it million people lost their jobs and all of them exited the labour force? (2 Points)

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