The unemployment rate is the percentage of people in the labor force who are unemployed, calculated as ... ... which is 3.5 percent. Unemployed Labor force Calculation Unemployment rate Reset 5.7 million 164.5 million 5.7 164.5 x 100 3.5 percent 0 Labor force (164.5 million) 50 150 Unemployed (5.7 million) Young military (69.9 million) Not in labor force (95.1 million) 1 1 L 200 250 300 350 Population (millions)
The unemployment rate is the percentage of people in the labor force who are unemployed, calculated as ... ... which is 3.5 percent. Unemployed Labor force Calculation Unemployment rate Reset 5.7 million 164.5 million 5.7 164.5 x 100 3.5 percent 0 Labor force (164.5 million) 50 150 Unemployed (5.7 million) Young military (69.9 million) Not in labor force (95.1 million) 1 1 L 200 250 300 350 Population (millions)
Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter8: Economic Fluctuations, Unemployment, And Inflation
Section: Chapter Questions
Problem 7CQ
Related questions
Question
If the nubmer of unemployed workers doubled to 11.6 million and the labor forcoe didn't change. what would the
Transcribed Image Text:The unemployment rate is
the percentage of people in
the labor force who are
unemployed, calculated as ...
... which is 3.5 percent.
Unemployed
Labor force
Calculation
Unemployment rate
Reset
5.7 million
164.5 million
5.7
164.5
x 100
3.5 percent
0
Working-age population
Labor force
(164.5 million)
50
100
L
150
Unemployed
(5.7 million)
1
200
Young, military &
institutionalized
(69.9 million)
Not in
labor force
(95.1 million)
L
250 300 350
Population (millions)
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 3 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
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:
9781285165912
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning