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Derived the unemployment rate. Use the data below with solution. Given: Population=110 million Total labor force=63 million Frictionally unemployed=2 million Structurally unemployed=1 million Cyclically unemployed=750

Derived the unemployment rate. Use the data below with solution.

Given:

Population=110 million

Total labor force=63 million

Frictionally unemployed=2 million

Structurally unemployed=1 million

Cyclically unemployed=750 thousand

Seasonally unemployed=250 thousand

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