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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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