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Please show your calculations. a.a.Suppose that 98 million people work and 5 million seek work. What is the unemployment rate? b.b. Now suppose that the

Please show your calculations.

a.a.Suppose that 98 million people work and 5 million seek work. What is the unemployment rate?

b.b. Now suppose that the economy goes into a recession and 3 million people are laid off and seek work while 4 million give up searching for work due to discouragement. Refer to part (a) to calculate the new unemployment rate.

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