Suppose the following data describe a nation's population: Year 1 Year 2 Population 500 million 520 million Labor force 270 million 280 million Unemployment rate 5 percent 5.5 percent Instructions: Round your responses to one decimal place. a. How many people are unemployed in each year? Year 1 million Year 2: million b. How many people are employed in each year? Year 1: million Year 2: million

Suppose the following data describe a nation's population: Year 1 Year 2 Population 500 million 520 million Labor force 270 million 280 million Unemployment rate 5 percent 5.5 percent Instructions: Round your responses to one decimal place. a. How many people are unemployed in each year? Year 1 million Year 2: million b. How many people are employed in each year? Year 1: million Year 2: million

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations

Section: Chapter Questions

Problem 1P

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