Assume the economy in the United States currently has a Gross Domestic Product of $21 trillion and the following Employment Data: Population: 330,000,000 Population 16 years of age and older: 264,000,000 Labor Force: 180,000,000 Not working but Actively Seeking a Job: 7,200,000 The target rate for full employment is 4.0% and the target inflation rate is 2.0%. 1. What is the Unemployment Rate in this economy? Show the Calculations and Explain.

2. Given the unemployment rate you calculated, is this economy in a recession? Explain