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Suppose we have the following initial data concerning unemployment in the economy: Labor Force: 200 million Number of people unemployed: 10 million Now suppose that
Suppose we have the following initial data concerning unemployment in the economy:
Labor Force: 200 million
Number of people unemployed: 10 million
Now suppose that subsequently 5 million people drop out of the labor force because they are discouraged and cannot find a job.
Question:
What is the unemployment rate after 5 million people drop out of the labor force?
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