In March, 2006 the labor department of the country of Jobland determined that the size of the labor force was 105 million out of which 92 million were employed. In May 2006, the labor department determined that 1.5 million people became "discouraged workers" in April. Assuming that no new jobs were created between March and April, calculate the unemployment rate for March and April. Jobland unemployment rate in March = 12.4 percent. (Enter your response rounded to one decimal place.) Jobland unemployment rate in April = = 11.1 percent. (Enter your response rounded to one decimal place.)
In March, 2006 the labor department of the country of Jobland determined that the size of the labor force was 105 million out of which 92 million were employed. In May 2006, the labor department determined that 1.5 million people became "discouraged workers" in April. Assuming that no new jobs were created between March and April, calculate the unemployment rate for March and April. Jobland unemployment rate in March = 12.4 percent. (Enter your response rounded to one decimal place.) Jobland unemployment rate in April = = 11.1 percent. (Enter your response rounded to one decimal place.)
Chapter12: Business Cycles And Unemployment
Section: Chapter Questions
Problem 3SQP
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Transcribed Image Text:In March, 2006 the labor department of the country of Jobland determined that the size of the labor force was 105
million out of which 92 million were employed. In May 2006, the labor department determined that 1.5 million
people became "discouraged workers" in April.
Assuming that no new jobs were created between March and April, calculate the unemployment rate for March and
April.
Jobland unemployment rate in March = 12.4 percent. (Enter your response rounded to one decimal place.)
Jobland unemployment rate in April =
= 11.1 percent. (Enter your response rounded to one decimal place.)
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