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Suppose the following data describe a nation's population:     Year 1 Year 2 Population 300 million 305 million Labor force 150 million 160 million Unemployed 7 million 7.2 million   a. What is the unemployment rate in each year? How has the number of unemployed changed from year 1 to year 2 (must give the specific amount of change)?     How is this apparent discrepancy between (a) and (b) explained

Suppose the following data describe a nation's population:     Year 1 Year 2 Population 300 million 305 million Labor force 150 million 160 million Unemployed 7 million 7.2 million   a. What is the unemployment rate in each year? How has the number of unemployed changed from year 1 to year 2 (must give the specific amount of change)?     How is this apparent discrepancy between (a) and (b) explained

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter20: Economic Growth
Section: Chapter Questions
Problem 34P: Say that the average worker in Canada has a productivity level of 30 per hour while the average...
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  1. In 2019, the population increases, and labor hours supplied increase by 10 at each real wage rate. What are the equilibrium real wage rate, labor productivity, and potential GDP in 2019?
  2. In 2019, the population increases, and labor hours supplied increase by 10 at each real wage rate. Does the standard of living in this economy increase in 2019? Explain why or why not.
    1. Suppose the following data describe a nation's population:

     

     

    Year 1

    Year 2

    Population

    300 million

    305 million

    Labor force

    150 million

    160 million

    Unemployed

    7 million

    7.2 million

     

    a. What is the unemployment rate in each year?
  4. How has the number of unemployed changed from year 1 to year 2 (must give the specific amount of change)?

     

     

    1. How is this apparent discrepancy between (a) and (b) explained?
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