ECON MACRO
5th Edition
ISBN: 9781337000529
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 7, Problem 1.2P
To determine
Size of the U.S labor force and the
Introduction:
Size of labor force refers to the total number of people in the working age group available for work. It is determined by multiplying the labor force participation rate by the total population.
Unemployment rate is the proportion of the unemployed people in the country. It is determined by dividing the number of unemployed people by the labor force.
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