Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
In May of 2011 the number of people unemployed was 10 million, while the number of people in the labor force was 150 million. A
In May of 2011 the number of people unemployed was 10 million, while the number of people in the labor force was 150 million. A year goes by and 2 million people drop out of the labor force due to the weakening of the labor market. Thus, in May of 2012 the number of unemployed was 8 million, while the number of people in the labor force was 148 million. What happened to the unemployment rate during this time period and what caused the change? Group of answer choices The unemployment rate dropped due to people dropping out of the labor force The unemployment rate increased due to people dropping out of the labor force The unemployment rate stayed the same due to the weakening of the labor market The unemployment rate stayed the same due to people dropping out of the labor force
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started