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Suppose the unemployment rate was 7.4 percent, far above the full-employment threshold (= 5 percent).
a. How many jobs were lost, as a result, in a labor force of 180 million? $ million
b. If the average worker produces $97,000 of output, how much output will be lost? $ billion
c. By how much did GDP per capita decline as a result (310 million people)? $ per person

Respuesta :

Parrain

Based on the unemployment rate at the full employment rate and the current unemployment rate, the jobs lost were 4,320,000 jobs.

The output lost by the increase in unemployment is $419.04 billion.

The decline in GDP per capita would be $1,351.74 per capita.

What number of jobs were lost?

This can be found as:

= (7.4% - 5%) x 180,000,000

= 4,320,000 jobs

What amount of output was lost?

= Jobs lost x output per employee

= 4,320,000 x 97,000

= $419,040,000,000

= $419.04 billion

What did the GDP decline by?

= Output lost / Population

= 419,040,000,000 / 310,000,000

= $1,351.74 per capita

Find out more on GDP per capita at https://brainly.com/question/27016642.

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