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Suppose a hypothetical country known as the “Penguin Island” has a civilian working age population of...

Suppose a hypothetical country known as the “Penguin Island” has a civilian working age population of 2.5 million people and of these about 4/5th of them are in the civilian labor force and 1⁄2 million people are unemployed.

a. What is the labor force participation rate?
b. What is the unemployment rate?
c. If some desperate workers join the labor force lately, does the unemployment rate increase or
decrease? Why?

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