_1, the unemployment rate was 9 percent, 5 percent above the yment threshold of 4 percent. v many jobs were lost, as a result, in a labor force of 140 million? million workers he average worker produced $100,000 of output, how much outp ost? $ billion
_1, the unemployment rate was 9 percent, 5 percent above the yment threshold of 4 percent. v many jobs were lost, as a result, in a labor force of 140 million? million workers he average worker produced $100,000 of output, how much outp ost? $ billion
Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter8: Economic Fluctuations, Unemployment, And Inflation
Section: Chapter Questions
Problem 14CQ
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Question
![Please round your responses to the nearest whole number.
In 2011, the unemployment rate was 9 percent, 5 percent above the full-
employment threshold of 4 percent.
a. How many jobs were lost, as a result, in a labor force of 140 million?
million workers
b. If the average worker produced $100,000 of output, how much output
was lost? $
billion
c. If the population in 2011 was 350,000 million, how much did GDP per
capita decline as a result? $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F112fa699-cf5b-4c02-908f-ec02a4085942%2F77080cea-d037-4ad1-8a19-45c6a257c74e%2Fezh033u_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Please round your responses to the nearest whole number.
In 2011, the unemployment rate was 9 percent, 5 percent above the full-
employment threshold of 4 percent.
a. How many jobs were lost, as a result, in a labor force of 140 million?
million workers
b. If the average worker produced $100,000 of output, how much output
was lost? $
billion
c. If the population in 2011 was 350,000 million, how much did GDP per
capita decline as a result? $
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