ECO372 Phoenix Week 2 Labor Force and Rate of Unemployment Paper

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3.Use the hypothetical data in the table below to calculate the Labor Force (in millions) and the rate of unemployment (as a percentage) in each year.

UnemployedEmployed

Year 19.6 million150.4 million

Year 212.4 million142.6 million

Year 1

Labor Force =unemployment rate =

Year 2

Labor Force =unemployment rate =

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