Unemployment calculation
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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?
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Solution Summary
This solution calculates unemployment and employment.
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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 ...
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