_1, the unemployment rate was 9 percent, 5 percent above the yment threshold of 4 percent. v many jobs were lost, as a result, in a labor force of 140 million? million workers he average worker produced $100,000 of output, how much outp ost? $ billion

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter21: Unemployment
Section: Chapter Questions
Problem 1SCQ: Suppose the adult population over the age of 16 is 237.8 million and the labor force is 153.9...
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Please round your responses to the nearest whole number.
In 2011, the unemployment rate was 9 percent, 5 percent above the full-
employment threshold of 4 percent.
a. How many jobs were lost, as a result, in a labor force of 140 million?
million workers
b. If the average worker produced $100,000 of output, how much output
was lost? $
billion
c. If the population in 2011 was 350,000 million, how much did GDP per
capita decline as a result? $
Transcribed Image Text:Please round your responses to the nearest whole number. In 2011, the unemployment rate was 9 percent, 5 percent above the full- employment threshold of 4 percent. a. How many jobs were lost, as a result, in a labor force of 140 million? million workers b. If the average worker produced $100,000 of output, how much output was lost? $ billion c. If the population in 2011 was 350,000 million, how much did GDP per capita decline as a result? $
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