Suppose the unemployment rate was 7.4 percent, far above the full-employment threshold (= 5 percent).   Instructions: In part a, round your response to two decimal places. In parts b–c, enter your responses as a whole number. a. How many jobs were lost, as a result, in a labor force of 150 million? b. If the average worker produces $100,000 of output, how much output will be lost? c. By how much did GDP per capita decline as a result (310 million people)?

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Unemployment and Cost of Unemployment

Unemployment is the state of being unemployed, even when an individual is actively seeking work opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed.