The economy has 100,000 adults, 10,000 are full time students and 20,000 are retired, the rest are either working or looking for work, and of those 7,000 are looking for work. How big is the labor force? What is the labor force participation rate? What is the unemployment rate? Suppose 2,000 of those students only chose to go to school because the economy was in a recession and their labor market options were very poor. Under those circumstances, how does the unemployment rate misrepresent the situation in the macroeconomy?