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Derived the unemployment rate. Use the data below with solution. Given: Population = 102 million Total labor force = 67 million Frictionally unemployed = 1

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

Given:

Population = 102 million

Total labor force = 67 million

Frictionally unemployed = 1 million

Structurally unemployed = 1.1 million

Cyclically unemployed = 750 thousand

Underemployed = 2.5 million

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