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 unemployment rate?
a. The unemployment rate is (20 million unemployed ÷ 200 million labor force) × 100 = 10.0 percent.
b. The unemployment rate is (15 million unemployed ÷ 195 million labor force) × 100 = 7.7 percent.
Economics
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According to the text, during which time period did the United States have the highest unemployment rates?
A) 1930s B) 2000s C) 1950s D) 1980s
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Countries engage in trade because
a. the exchange is mutually beneficial. b. governments force industries to exchange. c. international law dictates that exchange must take place. d. All of these.
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