Scenario: Consider Country a with a Population of 2 Million

question 167

Multiple Choice

Scenario: Consider Country A with a population of 2 million people. In Country A, there are 1.5 million people employed; 0.3 million younger than 18, in school or retired; 0.1 million voluntarily unemployed; and 0.1 million people officially unemployed.
-Refer to the scenario above.Suppose the market clearing wage rate increases in Country A and now only 0.05 million people are voluntarily unemployed,but there are still only 1.5 million people working.What is the new unemployment rate?

• A) 6 percent
• B) 7.6 percent
• C) 9.1 percent
• D) 10 percent

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Definitions:

Idyllic Simplicity

A concept in art and literature that idealizes a peaceful and simple way of life, often in a pastoral setting, away from the complexities of civilization.

Rustic Beauty

An aesthetic quality that finds charm and allure in simplicity, roughness, and natural elements, often associated with rural landscapes and traditional lifestyles.

Self-Portrait

An artist's representation of themselves, typically in the form of a painting, drawing, photograph, or other media.

Raphael

An Italian painter and architect of the High Renaissance, celebrated for the perfection and grace in his artworks, including the School of Athens.