Michigan currently has a 1% unemployment rate, which is 50,000 unemployed workers. After stagnant growth, 25,000 of the 50,000 workers decide to leave the labor force permanently. If no new workers enter or join the labor force and the unemployed workers remain unemployed, will the unemployment rate be greater or less than 1%? It will be greater than 1%. It will be less than 1%. There is no change in the unemployment rate. There is not enough information to determine the change in unemployment.
Michigan currently has a 1% unemployment rate, which is 50,000 unemployed workers. After stagnant growth, 25,000 of the 50,000 workers decide to leave the labor force permanently. If no new workers enter or join the labor force and the unemployed workers remain unemployed, will the unemployment rate be greater or less than 1%? It will be greater than 1%. It will be less than 1%. There is no change in the unemployment rate. There is not enough information to determine the change in unemployment.
Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter8: Economic Fluctuations, Unemployment, And Inflation
Section: Chapter Questions
Problem 5CQ
Related questions
Question
6
Transcribed Image Text:Michigan currently has a 1% unemployment rate, which is 50,000 unemployed workers. After stagnant growth, 25,000 of
the 50,000 workers decide to leave the labor force permanently. If no new workers enter or join the labor force and the
unemployed workers remain unemployed, will the unemployment rate be greater or less than 1%?
It will be greater than 1%.
It will be less than 1%.
There is no change in the unemployment rate.
There is not enough information to determine the change in unemployment.
Transcribed Image Text:Detroit's GDP doubled over 5 years, what was the approximate annual growth rate (using the rule of 70)?
O 7%
14%
20%
100%
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
