Suppose Initially That the Working-Age Population Is 220 Million, the Labor

question 341

Multiple Choice

Suppose initially that the working-age population is 220 million, the labor force is 150 million, and the official U-3 unemployment rate is 10 percent. 5 million new jobs are created and filled by 5 million people who had previously been discouraged workers. What is the new U-3 unemployment rate?

• A) 6.25 percent
• B) 6.7 percent
• C) 9.7 percent
• D) 8.7 percent

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