The figure on the right shows the average monthly flows (in millions) between employment, unemployment, and non-participation for a hypothetical economy. If 3.0 million workers change jobs every month, total monthly separations in this economy are million. (Round your response to one decimal place.) According to the figure, the average monthly flow out of unemployment each month is million. (Round your response to one decimal place.) In this economy in an average month, the proportion of unemployed leaving unemployment is%. (Round your response to one decimal place.) Enter your answer in each of the answer boxes. 3.2 Unemployment 7.0 million Employment 128.8 million 2.5 4.4 1.6 4.6 1.6 Out of the labor force 88.5 million
The figure on the right shows the average monthly flows (in millions) between employment, unemployment, and non-participation for a hypothetical economy. If 3.0 million workers change jobs every month, total monthly separations in this economy are million. (Round your response to one decimal place.) According to the figure, the average monthly flow out of unemployment each month is million. (Round your response to one decimal place.) In this economy in an average month, the proportion of unemployed leaving unemployment is%. (Round your response to one decimal place.) Enter your answer in each of the answer boxes. 3.2 Unemployment 7.0 million Employment 128.8 million 2.5 4.4 1.6 4.6 1.6 Out of the labor force 88.5 million
Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations
Section: Chapter Questions
Problem 2P
Related questions
Question
Transcribed Image Text:The figure on the right shows the average monthly flows (in millions)
between employment, unemployment, and non-participation for a
hypothetical economy.
If 3.0 million workers change jobs every month, total monthly separations in
this economy are million. (Round your response to one decimal place.)
According to the figure, the average monthly flow out of unemployment each
month is million. (Round your response to one decimal place.)
In this economy in an average month, the proportion of unemployed leaving
unemployment is%. (Round your response to one decimal place.)
Enter your answer in each of the answer boxes.
Unemployment
7.0 million
Employment
128.8 million
2.5
4.4
1.6
4.6
1.6
Out of the
labor force
88.5 million
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:
9781305971509
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:
9781305971509
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:
9781285165912
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics, 7th Edition (MindTap Cou…
Economics
ISBN:
9781285165875
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning