Suppose employment is 139 million and unemployment is 9 million. Also, each month an average of 1.2 million unemployed quit looking for jobs, 1.6 million employed become unemployed, and 1.8 million new graduates start looking for jobs. If the average duration of unemployment is 3 months, what is the average number of unemployed becoming employed each month? (round to the nearest decimal in million) a. All of the answers here are incorrect b. 1.2 c. 1.8

Suppose employment is 139 million and unemployment is 9 million. Also, each month an average of 1.2 million unemployed quit looking for jobs, 1.6 million employed become unemployed, and 1.8 million new graduates start looking for jobs. If the average duration of unemployment is 3 months, what is the average number of unemployed becoming employed each month? (round to the nearest decimal in million) a. All of the answers here are incorrect b. 1.2 c. 1.8

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter21: Unemployment

Section: Chapter Questions

Problem 45P: A country with a population of eight million adults has five million employed, 500,000 unemployed,...

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