Step-by-step solution file
US Labor Force. The US labor force, population, and unemployment
US Labor Force.
The US labor force, population, and unemployment rate in January 2013 were as follows:
Labor Force 155,825,000
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 percentage) in
order to create enough jobs to push the unemployment rate down to 5%?
You can only find the percentage change needed from this information.
This question was answered on: Feb 21, 2020
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