Use the data below to answer the following question

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7. Use the data below to answer the following question.
Population 60 million
Number in the labor force 50 million
Number employed full time 38 million
Number employed part time 10 million
Number unemployed 2 million
What is the unemployment rate of the economy?
8. Which of the following would be classified as employed?
job
9. Which of the following types of unemployment can exist in an economy that is at its
potential output level?
10. Because of transactions which take place in the underground economy, the
a.
GDP calculation tends to understate the actual value of goods sold in the
b.
value of the GDP calculation through the expenditure approach will be
greater then the value calculated through the income approach.
c.
value of the GDP calculation will be equal to the value of the national income
calculation.
d.
GDP calculation tends to overstate the actual value of goods sold in the economy.
e.
GDP calculation tends to accurately portray the value of goods sold in the
economy.
economy.
11. Which of the following would be most appropriate for the measurement of
differences in the average standard of living of people at different points in time?
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d.
nominal GDP
12. During a recession, the actual rate of unemployment will be