Population (millions) in 2000 was 200
Labor Force (millions) in 2000 was 100
(millions) in 2000 was 90
Population (millions) in 2020 was 400
Labor Force (millions) in 2020 was 200
Number Employed (millions) in 2020 was 185
a. Determine the Number of Unemployed and the Unemployment Rate for each year by completing the table.
b. Briefly explain why, in general, the unemployment rate might decline between two time periods, even if the number of unemployed workers goes up during the same time period.
2000 2020 unemployed 10 15 unemployment rate 10% 7.5% the rate of unemployment is decreasing even... View the full answer