According to Econia's population and employment statistics, the country has a population of 100 million people. There are 70 million persons age 16 or older, 50 million employed, and 4 million unemployed. Based on this data, what are Econia's U3 unemployment and labor force participation rates (LFPRs) ?
A) 7.4% unemployment rate; 77.1% LFPR
B) 4.0% unemployment rate; 54.0% LFPR
C) 5.7% unemployment rate; 71.4% LFPR
D) 8.0% unemployment rate; 70.0% LFPR
Correct Answer:
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