Question: Q22. From the data below, answer the following questions. Working-age population 250 million Not in labor force 80 million Unemployed 10 million a. Compute the

Q22. From the data below, answer the following questions. Working-age population 250 million Not in labor force 80 million Unemployed 10 million a. Compute the labor force participation rate and the ofcial unemployment rate {U-S), respectively. Show your work. (2pts) 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 ofcial unemployment rate (U-3)? Briey explain your reasoning without calculating both the labor force participation rate and the unemployment rate. (Spts)

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