Macroeconomics
Macroeconomics
10th Edition
ISBN: 9780134896441
Author: ABEL, Andrew B., BERNANKE, Ben, CROUSHORE, Dean Darrell
Publisher: PEARSON
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Chapter 3, Problem 10NP

a)

To determine

To find the total number of hours worked per week and the total output produced per week in the economy, and the unemployment rate in the economy.

b)

To determine

The size of labor force with respective size of employed and unemployed workers when the economy enters a recession.

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This question explores the calculation of the unemployment rate. You will be provided some imperfect employment data for four different countries and asked to identify the unemployment rate. Task 1: The population of Asartaland is 95. Of these 95 individuals, 75 are in the labor force and 65 are employed. What is the unemployment rate in Asartaland? Task 2: The population of Millsville is 130. Of these 130 individuals, 90 are in the labor force and 20 are unemployed. What is the unemployment rate in Millsville?
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