Question 3The table below gives some labor statistics (from the Bureau of Labor Statistics) foryears1995, 2000 and 2005. Use these data to answer the following questions. Express youranswers in percentage terms to two places past the decimal.Variable199520002005Population26,000,00027,000,00028,000,000Adult population18,000,00019,000,00020,500,000Adult population able towork17,900,00018,800,00020,000,000Adult population ableand wanting to work15,700,00016,500,00018,000,000Number employed14,000,00014,500,00015,000,000Number unemployed1,000,0001,500,0002,500,000a. Define labor force. For each year find the labor forceb. Define the labor-force participation rate. Calculate it for each yearc. Calculate the unemployment rate for each year.

The labour force participation rate is the measure to evaluate working-age population in an economy.…

Number unemployed 1,000,000 1,500,000 2,50 a. Define labor force. For each year find the labor force b. Define the labor-force participation rate. Calculate it for each year c. Calculate the unemployment rate for each year.

Number unemployed 1,000,000 1,500,000 2,50 a. Define labor force. For each year find the labor force b. Define the labor-force participation rate. Calculate it for each year c. Calculate the unemployment rate for each year.

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