Given the information, find out the Labor force participation rate and unemployment rate.
1. The BLS estimates that in 2002, the number of working-age adults was 211.9 million, labor force was 141.8 million, and the total number of employed was 135.1 million. find out the following:
a. Labor force participation rate
b. Unemployment rate.
2. Illustrate what is national income accounting and why is it useful?