In 2022, 60 percent of the adult population (260 million) was employed. If the employment rate decreased to 56 percent, Instructions: In part a, round your response to one decimal place. In part b, enter your response as a whole number. a. How many fewer people would have been working? million b. By how much would total output have changed if per worker GDP were $140,000? Output would decrease by $ billion.

Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section: Chapter Questions
Problem 9WNG
icon
Related questions
Question
In 2022, 60 percent of the adult population (260 million) was employed. If the employment rate decreased to 56 percent,
Instructions: In part a, round your response to one decimal place. In part b, enter your response as a whole number.
a. How many fewer people would have been working?
million
b. By how much would total output have changed if per worker GDP were $140,000?
Output would decrease
by $
billion.
Transcribed Image Text:In 2022, 60 percent of the adult population (260 million) was employed. If the employment rate decreased to 56 percent, Instructions: In part a, round your response to one decimal place. In part b, enter your response as a whole number. a. How many fewer people would have been working? million b. By how much would total output have changed if per worker GDP were $140,000? Output would decrease by $ billion.
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Economics (MindTap Course List)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Macroeconomics
Macroeconomics
Economics
ISBN:
9781337617390
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Economics:
Economics:
Economics
ISBN:
9781285859460
Author:
BOYES, William
Publisher:
Cengage Learning