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Unemployment calculation

Suppose the following data describes a nation's population:

Year 1 Year 2

Population 150 million 225 million
Labor Force 120 million 180 million
Unemployment rate 7% 5%

a) How many are unemployed each year? Year 1______

Year 2 ______

b) How many are employed each year? Year 1______

Year 2 ______

c) Calculate the employment rate for each year. Year 1 ______
(Employment rate = number employed/population)
Year 2 ______

d) How can the employment rate rise when the unemployment rate is constant?

Solution Preview

Year 1 Year 2

Population 150 million 225 million
Labor Force 120 million 180 million
Unemployment rate 7% 5%

a) How many are unemployed each year?
Year 1: 8.4 Million members of the labor force
Year 2: 9 Million ...

Solution Summary

This solution calculates unemployment and employment.

$2.19