[Calculating the employment-population ratio] Go to the Web site of the Federal Reserve Bank of St. Louis (FRED) (research.stlouisfed.org/fred2/).
a. Find the most recent values for these three variables: (1) Unemployed (UNEMPLOY), (2) Civilian Employment (CE16OV), and (3) Not in Labor Force (LNS15000000).
b. Using the values you found in part (a), calculate the working-age population (in thousands) and the employment- population ratio.
c. Holding all other factors constant, what would you expect to happen to the employment-population ratio if the economy entered a recession? Briefly explain.