_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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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? $

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