How many fewer workers would have been unemployed?how many more would have been employed? ### Application Homework#### Economic Analysis: Unemployment Rates (Advanced Level)**Scenario Analysis:**In 2016, there were approximately 159.2 million people in the labor force and the unemployment rate was 4.9 percent. If the unemployment rate had been 4.5 percent instead of 4.9 percent,**Instructions:** Enter your responses rounded to one decimal place.**Questions:**a. How many fewer workers would have been unemployed? **Answer:** [ ] millionb. How many more would have been employed? **Answer:** [ ] million#### Analysis Guide:1. Calculate the number of unemployed individuals at the 4.9% unemployment rate.2. Calculate the number of unemployed individuals at the hypothetical 4.5% unemployment rate.3. Subtract the two figures to find the difference, representing how many fewer workers would have been unemployed.4. To determine the additional number of employed individuals, the decrease in unemployment can be directly translated to the increase in employment due to the direct correlation between these two figures within the labor force.**Navigation:** - Use the "Prev" and "Next" buttons at the bottom to navigate through additional questions or sections of the application homework.#### Visual Aids:If there are any specific graphs, charts, or diagrams provided within this homework exercise, ensure to scrutinize those visual tools to foster comprehension. They often provide auxiliary data or insight that enhance your analytical capabilities. For this specific assignment scenario, detailed numerical analysis is paramount.

Given that Total labour force in 2016 = 159.2 Million Unemployment rate = 4.9%

Answered: How many fewer workers would have been…

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Economics

How many fewer workers would have been unemployed? how many more would have been employed?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

How many fewer workers would have been unemployed?

how many more would have been employed?

### Application Homework

#### Economic Analysis: Unemployment Rates (Advanced Level)

**Scenario Analysis:**

In 2016, there were approximately 159.2 million people in the labor force and the unemployment rate was 4.9 percent. If the unemployment rate had been 4.5 percent instead of 4.9 percent,

**Instructions:** Enter your responses rounded to one decimal place.

**Questions:**

a. How many fewer workers would have been unemployed?

**Answer:** [ ] million

b. How many more would have been employed?

**Answer:** [ ] million

#### Analysis Guide:

1. Calculate the number of unemployed individuals at the 4.9% unemployment rate.
2. Calculate the number of unemployed individuals at the hypothetical 4.5% unemployment rate.
3. Subtract the two figures to find the difference, representing how many fewer workers would have been unemployed.
4. To determine the additional number of employed individuals, the decrease in unemployment can be directly translated to the increase in employment due to the direct correlation between these two figures within the labor force.

**Navigation:**
- Use the "Prev" and "Next" buttons at the bottom to navigate through additional questions or sections of the application homework.

#### Visual Aids:

If there are any specific graphs, charts, or diagrams provided within this homework exercise, ensure to scrutinize those visual tools to foster comprehension. They often provide auxiliary data or insight that enhance your analytical capabilities. For this specific assignment scenario, detailed numerical analysis is paramount.

Definition Definition State in which an individual is without work, despite actively seeking employment opportunities. The unemployment rate refers to the percentage of the workforce that is currently unemployed. Unemployment is one of the key indicators of the conditions prevailing in an economy. It is therefore considered a barometer that points out the condition of an economy.

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