Suppose the population (age 16 and over) of Italy is 48 million; 4 million are unemployed,...
Suppose the population (age 16 and over) of Italy is 48 million; 4 million are unemployed, and 40 million hold jobs. Indicate the rate of unemployment and the employment/population ratio of New Zealand.
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Homework Answers
1) Unemployment rate = unemployment / labor force = 4*100/(40 + 4) = 9.09%.
Employment population ratio = 40*100/48 = 83.33%.
Option D is correct
2) Option B. Actual unemployment rate is less than its full employment and real GDP is greater than its full
employment level during expansion.
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Suppose the population (age 16 and over) of Italy is 48 million;
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