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In 2011 the unemployment rate was 8.9 percent, far above the full-employment threshold (= 4 percent). Instructions: In part a, round your response to two
In 2011 the unemployment rate was 8.9 percent, far above the full-employment threshold (= 4 percent). Instructions: In part a, round your response to two decimal places. In part b, round your response to one decimal place. In part c, round your response to the nearest whole number. a. How many jobs were lost, as a result, in a labor force of 140 million? million b. If the average worker produced $100,000 of output, how much output was lost? $ billion c. By how much did GDP per capita decline as a result (310 million people)? $ per person
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