---### Population Data Analysis**Suppose the following data describe a nation’s population:**| | Year 1 | Year 2 ||---------------------|-------------|-------------|| **Population** | 320 million | 330 million || **Labor force** | 150 million | 160 million || **Unemployment rate** | 6 percent | 6 percent |**Instructions:** Round your responses to one decimal place.#### a. How many people are unemployed in each year?- **Year 1:** ______ million- **Year 2:** ______ million#### b. How many people are employed in each year?- **Year 1:** ______ million- **Year 2:** ______ million#### Explanation of Steps:To calculate the number of unemployed people in each year:1. Multiply the labor force by the unemployment rate.2. For example, in Year 1: \[ 150 \, \text{million} \times 0.06 = 9 \, \text{million} \]To calculate the number of employed people in each year:1. Subtract the number of unemployed people from the labor force.2. For example, in Year 1: \[ 150 \, \text{million} - 9 \, \text{million} = 141 \, \text{million} \]**Interactive Exercise:**Calculate the values yourself and fill in the blanks above. Compare your results with the provided solutions to see if you are correct.---**Note:** There are no graphs or diagrams in the original content.

The labor force refers to the total number of people who are employed or actively seeking employment…

Suppose the following data describe a nation's population: Population Labor force Unemployment rate Year 1 320 million 150 million 6 percent Year 2: Instructions: Round your responses to one decimal place. a. How many people are unemployed in each year? Year 1: million Year 2 330 million 160 million 6 percent million

Suppose the following data describe a nation's population: Population Labor force Unemployment rate Year 1 320 million 150 million 6 percent Year 2: Instructions: Round your responses to one decimal place. a. How many people are unemployed in each year? Year 1: million Year 2 330 million 160 million 6 percent million

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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