Suppose the unemployment rate was 7.4 percent, far above the full-employment threshold (= 5 percent).   Instructions: In part a, round your response to two decimal places. In parts b–c, enter your responses as a whole number. a. How many jobs were lost, as a result, in a labor force of 150 million? b. If the average worker produces $100,000 of output, how much output will be lost? c. By how much did GDP per capita decline as a result (310 million people)?

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