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The table below reports some labor market figures for a hypothetical country, Blefuscu in 2005. Assume that there are only two types of employment: full time and part time. Everyone who is not employed is unemployed. Calculate the Labor force participation and ii) unemployment rate. Show all your calculations.
Population
850,000
Working age population
400,000
Number of people Not in the labor force
50,500
Part-time employment as a percentage of total employment
15%
Number of full-time employees
201,451
Rate of underemployment
2%
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