In a macroeconomy where textile and information technology are among the major industries, the natural rate of unemployment is 4%. Although workers prefer full-time jobs, all industries have combination of full-time and part- time (underemployed) workers. In 2010, the total population was 14 million with an adult population of 12.2 million, and real output for the year was $350 billion. In the same year, 7.6 million people were employed, 1.5 million people were part-time workers, and 400,000 people were unemployed. Furthermore 300,000 individuals stated that they were discouraged from searching for a job. (Question 2 of 7) What was the U-3 unemployment rate in 2010? (report your answer up to 2 decimal places)
In a macroeconomy where textile and information technology are among the major industries, the natural rate of unemployment is 4%. Although workers prefer full-time jobs, all industries have combination of full-time and part- time (underemployed) workers. In 2010, the total population was 14 million with an adult population of 12.2 million, and real output for the year was $350 billion. In the same year, 7.6 million people were employed, 1.5 million people were part-time workers, and 400,000 people were unemployed. Furthermore 300,000 individuals stated that they were discouraged from searching for a job. (Question 2 of 7) What was the U-3 unemployment rate in 2010? (report your answer up to 2 decimal places)
Chapter6: Business Cycles And Unemployment
Section: Chapter Questions
Problem 19SQ
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![In a macroeconomy where textile and information technology are among the major industries, the natural rate of unemployment is 4%. Although workers prefer full-time jobs, all industries have a combination of full-time and part-
time (underemployed) workers.
In 2010, the total population was 14 million with an adult population of 12.2 million, and real output for the year was $350 billion. In the same year, 7.6 million people were employed, 1.5 million people were part-time workers, and
400,000 people were unemployed. Furthermore 300,000 individuals stated that they were discouraged from searching for a job.
(Question 2 of 7)
What was the U-3 unemployment rate in 2010? (report your answer up to 2 decimal places)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1b3c436e-fd50-40ec-9165-86fa6a58583a%2F2a61a28c-7e17-4929-993f-03dcaa2775e1%2F7os2vgq_processed.png&w=3840&q=75)
Transcribed Image Text:In a macroeconomy where textile and information technology are among the major industries, the natural rate of unemployment is 4%. Although workers prefer full-time jobs, all industries have a combination of full-time and part-
time (underemployed) workers.
In 2010, the total population was 14 million with an adult population of 12.2 million, and real output for the year was $350 billion. In the same year, 7.6 million people were employed, 1.5 million people were part-time workers, and
400,000 people were unemployed. Furthermore 300,000 individuals stated that they were discouraged from searching for a job.
(Question 2 of 7)
What was the U-3 unemployment rate in 2010? (report your answer up to 2 decimal places)
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