In a small town of 100 people, there are 10 children under 15, 10 retired people, 60 people with full-time jobs, 3 people with part-time jobs, 3 full-time students aged 15 and over, and 4 full-time homemakers. The remaining people do not have jobs, but want them. All but one of these had actively looked for a job in the last four weeks

What is the unemployment rate in this town? what is the participation rate in this town? how many people are in the labor force in this town?

The unemployment rate is 2.5/week

The participation rate is 2.25/week

There are 90 people in the labor force.

Explanation:

Population of people in the town = 100

Total number of people in the labor force = 10+10+60+3+3+4 = 90

In the last four weeks, number of unemployed people = 100 - 90 = 10

Unemployment rate = 10/4 = 2.5 people/week

In the last four weeks, number of people that participated = 10 - 1 = 9

Participation rate = 9/4 = 2.25 people/week

Number of people in the labor force = 10+10+60+3+3+4 = 90