(Solved): An economy has 100 million people divided among the following groups: - 25 million have full-time j ...

An economy has 100 million people divided among the following groups: - 25 million have full-time jobs - 20 million have one part-time job - 5 million have two part-time jobs - 10 million would like to work and are looking for jobs - 10 million would like to work but are so discouraged they have given up looking - 10 million are running their own bùsinesses - 10 million are retired - 10 million are small children 6. Calculate the labor force and the labor-force participation rate. (3 points) 7. Calculate the unemployment rate. ( 2 points) 8. Given that the unemployment rate and inflation rate in the U.S. was below \( 4 \% \) and \( 2 \% \) and \( \$ 21.4 \) trillion respectively for over 12 months prior \( (2019) \) to the 2020 global health crisis, using your calculated unemployment rate estimate the loss in real GDP based on Okun's Law and an NRU of \( 4 \% \). (5 points)