The United States has a population of 327 million and has 206 million people that are...
The United States has a population of 327 million and has 206 million people that are of working age within the population. Of those 206 million people, 153.5 million are employed and 6.5 million are unemployed. The equilibrium real wage is $22 (with economy wide price level P = 1). Q 3. Calculate the employment rate and label it on the graph.
Homework Answers
Total employed people(E)=153.5million
total population(P)=327million
hence employment rate=E/P=153.5/327=0.4694=46.94%
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