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Scenario: Consider Country A with a population of 2 million people. In Country A, there are 1.5 ...

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Scenario: Consider Country A with a population of 2 million people. In Country A, there are 1.5 ...

Scenario: Consider Country A with a population of 2 million people. In Country A, there are 1.5 million people employed; 0.3 million younger than 18, in school or retired; 0.1 million voluntarily unemployed; and 0.1 million people officially unemployed.

Refer to the scenario above. Suppose the market clearing wage rate increases in Country A and now only 0.05 million people are voluntarily unemployed, but there are still only 1.5 million people working. What is the new unemployment rate?

▸ 9.1 percent

▸ 6 percent

▸ 10 percent

▸ 7.6 percent

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

Read 35 times

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