In July 2011, in the economy of Sandy Island, 10,000 people were employed and 1,000 were unemployed.

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In July 2011, in the economy of Sandy Island, 10,000 people were employed and 1,000 were unemployed. During August 2016, 80 people lost their jobs and didn’t look for new ones, 20 people quit their jobs and retired, 150 people who had looked for work were hired, 50 people became discouraged workers, and 40 new graduates looked for work. Calculate the change in the unemployment rate from July 2016 to August 2016.

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Foundations of Macroeconomics

ISBN: 978-0134492001

8th edition

Authors: Robin Bade, Michael Parkin

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