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Year Actual Output (billions of S) Potential Output (billions of S) Unemployment Rate (o of labour force) 2009 402 404 7.1 2010 408 411 72

Year Actual Output (billions of S) Potential Output (billions of S) Unemployment Rate (o of labour force) 2009 402 404 7.1 2010 408 411 72 2011 415 415 6.3 2012 420 418 5.9 2013 422 420 6.0 2014 420 423 7.0 2015 425 425 6.3 What is the unemployment rate when this economy is at "full employment"? In which years are the factors of production in this economy said to be "fully employed"? Which year the economy run with the natural rate of unemployment? Suppose a country has an unemployment rate of 20%. If we know that the population is 38 million and the labour force is 25 million. What is the number of people unemployed

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