Consider a country with 300 million residents, a labor force of 150 million, and 10 million unemployed.

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Consider a country with 300 million residents, a labor force of 150 million, and 10 million unemployed. Answer the following questions.

a. What is the labor force participation rate?

b. What is the unemployment rate?

c. If 5 million of the unemployed become discouraged and stop looking for work, what is the new unemployment rate?

d. Suppose instead that 30 million jobs are created, attracting 20 million new people into the labor force. What would be the new rates for labor force participation and unemployment?

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Principles Of Economics

ISBN: 9780393623819

2nd Edition

Authors: Lee Coppock, Dirk Mateer

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Question Posted: Nov 13, 2024 07:02 AM

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Consider a country with 300 million residents, a labor force of 150 million, and 10 million unemployed.

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Principles Of Economics

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