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Given the information below for the country of Manga, answer the following: Calculate the unemployment rates for both 2019 and 2020. Then calculate the labor force participation rates for both 2019 and 2020. Based on the changes in these rates, in which part of the business cycle would you say the economy of Manga was in at the end of 2020? Real GDP Total Adult 2019 2020 $2,700,000 $2,200,000 150,000 155,000 Population Employment 100,000 75,000 Unemployment 5,000 15,000 Discouraged 1,000 5,000 Workers

Given the information below for the country of Manga, answer the following: Calculate the unemployment rates for both 2019 and 2020. Then calculate the labor force participation rates for both 2019 and 2020. Based on the changes in these rates, in which part of the business cycle would you say the economy of Manga was in at the end of 2020? Real GDP Total Adult 2019 2020 $2,700,000 $2,200,000 150,000 155,000 Population Employment 100,000 75,000 Unemployment 5,000 15,000 Discouraged 1,000 5,000 Workers

Economics (MindTap Course List)
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment
Section: Chapter Questions
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Given the information below for the country of Manga, answer the following: Calculate the unemployment rates for both 2019 and 2020. Then calculate the labor force participation rates for both 2019 and 2020. Based on the changes in these rates, in which part of the business cycle would you say the economy of Manga was in at the end of 2020? Real GDP Total Adult 2019 2020 $2,700,000 $2,200,000 150,000 155,000 75,000 15,000 5,000 Population Employment 100,000 Unemployment 5,000 Discouraged 1,000 Workers
Transcribed Image Text:Given the information below for the country of Manga, answer the following: Calculate the unemployment rates for both 2019 and 2020. Then calculate the labor force participation rates for both 2019 and 2020. Based on the changes in these rates, in which part of the business cycle would you say the economy of Manga was in at the end of 2020? Real GDP Total Adult 2019 2020 $2,700,000 $2,200,000 150,000 155,000 75,000 15,000 5,000 Population Employment 100,000 Unemployment 5,000 Discouraged 1,000 Workers
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