Problem #1: Suppose the following data describe a nation's population: Year 1 Year 2 Population 320 million | 230 million Labor Force 150 million 160 million Unemployed | 6.5 million 6.9 million a. What is the unemployment rate each year? b. Has the economy experienced an increase or decrease in The number of unemployed persons? i. ii. The unemployment rate?
Problem #1: Suppose the following data describe a nation's population: Year 1 Year 2 Population 320 million | 230 million Labor Force 150 million 160 million Unemployed | 6.5 million 6.9 million a. What is the unemployment rate each year? b. Has the economy experienced an increase or decrease in The number of unemployed persons? i. ii. The unemployment rate?
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Transcribed Image Text:Problem #1:
Suppose the following data describe a nation's population:
Year 1
Year 2
Population
320 million | 230 million
Labor Force
150 million
160 million
Unemployed | 6.5 million
6.9 million
a. What is the unemployment rate each year?
b. Has the economy experienced an increase or decrease in
The number of unemployed persons?
i.
ii.
The unemployment rate?
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