Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Do you think the governmen
calculating unemployment?
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Step 1
Labour force is that part of the population which is actively searching for work. It is the summation of the number of employed and unemployed people. The unemployment rate is that fraction of labour force which is unemployed. The given unemployment rate may reflect two different realities. It may reflect an active labour market or stagnant labour market.
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