Suppose the Population (Age 16 and Over) of Columbia Is

Multiple Choice

Suppose the population (age 16 and over) of Columbia is 40 million; 2 million are unemployed, and 23 million hold jobs. What are the rates of unemployment and labor force participation of Columbia?

A) Unemployment is 8 percent, and labor force participation is 62.5 percent.
B) Unemployment is 8.7 percent, and labor force participation is 92 percent.
C) Unemployment is 8.7 percent, and labor force participation is 62.5 percent.
D) Unemployment is 5 percent, and labor force participation is 57.5 percent.