Suppose the following data describe a nation\'s population: Year 1 Year 2 320 mi

Question

Suppose the following data describe a nation's population: Year 1 Year 2 320 million 150 million 160 million 8.7 million9.0 million Population 310 million Labor force Unemployed a. What is the unemployment rate in each year? Year 1 Year 2 b. Between Year 1 and Year 2, (i) the number of unemployed persons (ii) the unemployment rate b. Between Year 1 and Year 2 (i) the number of unemployed persons O increased O decreased O did not change (I) the unemployment rate O increased O decreased O did not change

Explanation / Answer

Ans)

a.
unemployment rate= Unemployed/Labor Force*100

year 1:
Unemployment rate=8.7/150*100=5.8%
year 2:
Unemployment rate=9/160*100=5.62%

b.
increased

c.
decreased

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