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The US labor force, population, and unemployment rate in January 2013 were as follows: Labor Force 155,825,000 Population 315,079,109 Unemployment rate 8.0% Based on these figures: (a) How many people were unemployed? (b) How many more jobs would be required to push the unemployment rate down to 5%? (c) According to Okun’s Law, how much would GDP have to increase in order to create enough jobs to push the unemployment rate down to 5%?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M91994698

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