Question

Suppose there are 180 million employed people and 20 million unemployed people. a) What is the unemployment rate? b) Suppose that 5 million unemployed people give up their search for jobs and become discouraged workers. What is the new official unemployment rate?

Name: suppose there are 180 million employed people and 20 million unemployed people a what is the unemployment rate b suppose that 5 million unemployed people give up their search for jobs and be 90848
Uploaded: 2022-06-06T17:53:28-08:00
Duration: 1 min 45 s
Channel: Azat Nurmukhametov
Description: suppose there are 180 million employed people and 20 million unemployed people a what is the unemployment rate b suppose that 5 million unemployed people give up their search for jobs and be 90848

          Suppose there are 180 million employed people and 20 million unemployed people. 
a) What is the unemployment rate? 
b) Suppose that 5 million unemployed people give up their search for jobs and become 
discouraged workers. What is the new official unemployment rate?

Added by Deborah G.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Azat Nurmukhametov

06/06/2022

Step 1

- Total labor force = 180 million (employed) + 20 million (unemployed) = 200 million - Unemployment rate = (Number of unemployed / Total labor force) * 100 - Unemployment rate = (20 million / 200 million) * 100 = 10% ** Show more…

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Suppose there are 180 million employed people and 20 million unemployed people. a) What is the unemployment rate? b) Suppose that 5 million unemployed people give up their search for jobs and become discouraged workers. What is the new official unemployment rate?