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Suppose that the U.S. non-institutional adult population is 230 million and the labor force participation rate (LFPR) is 67 percent.

a. What would be the size of the U.S. labor force? (Hint: LFPR = Labor Force / Adult Pop.)
b. If 8 million adults are not working, what is the unemployment rate?

Microeconomics, Economics

  • Category:- Microeconomics
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