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Unemployment Information

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Unemployment data:

Total Unemployment Labor Force Population
Year Employment Rate (%) Participation Rate (%) (Millions)

1950 _____ 4.5 57.9 110.5

1960 70.5 5.0 60.0 _____

1970 85.0 _____ 61.0 145.5

Calculate Total employment, the Unemployment rate and Population where indicated.

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Solution Summary

This solution calculates total employment, unemployment rate and population for different data scenarios.

Solution Preview

<br>Total Employment = Population * Labor Force Participation Rate * (1 - Unemployment Rate)
<br>Total Employment = 110.5 * 0.579 * (1 - 0.045) ...

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