Question
Complete questions and data are on attached file Use the information to find the following: a) the size of the labour force b) the size
Complete questions and data are on attached file
Use the information to find the following:
a) the size of the labour force
b) the size of the labour force population
c) the official unemployment rate
d) an estimate of the unemployment rate that includes underemployment
3) Using Okun's law, calculate the gap between potential output and actual output in a hypothetical economy in 2014 and 2015. In your answers, assume a natural unemployment rate of 6.5%
a) In 2014, the unemployment rate was 7.2% and real GDP in 2012 dollars was $1543.2 billion
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