Suppose Bulgonia has 175 civilian residents that are of \"working age.\" 35 are happily retired, 15 are students who are not working or looking for work, 70 are currently employed full time, 25 are currently employed part-time, and 30 do not have jobs but are actively seeking work.
a. (2 Points) What is Bulgonia's unemployment rate?
b. (2 Points) What is Bulgonia's labor force participation rate?
c. (4 Points) Suppose 11 of the currently unemployed workers become discouraged and stop looking for work. What would be Bulgonia's new unemployment and labor force participation rates.