Consider an economy that initially has a labor force of 2,500 workers. Of these workers, 2375.0 are

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Consider an economy that initially has a labor force of 2,500 workers. Of these workers, 2375.0 are employed and each works 40 hours per week. Ten units of output are produced by each hour of labor.

1. Find the total number of hours worked per week (Round your answer to the nearest whole number).

2. Find the total output per week (Round your answer to the nearest whole number).

3. Calculate the unemployment rate (Round your answer to one decimal place).

Related Book For answer-question

Macroeconomics

ISBN: 978-1464168505

5th Canadian Edition

Authors: N. Gregory Mankiw, William M. Scarth

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Posted Date: May 03, 2019 10:06 AM

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Consider an economy that initially has a labor force of 2,500 workers. Of these workers, 2375.0 are

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Macroeconomics

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