Suppose There Are 50 Million Persons in the Population,25 Million

question 51

Multiple Choice

Suppose there are 50 million persons in the population,25 million persons in the civilian labor force,and 20 million persons are employed. The number of people unemployed is _______ million and the unemployment rate is ___________ percent.

• A) 25; 50
• B) 5; 10
• C) 5; 20
• D) 10; 10

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Definitions:

Structural Unemployment

A form of unemployment caused by a mismatch between the skills held by the unemployed and the skills demanded by the prevailing job market.

Natural Rate Of Unemployment

The level of unemployment consistent with a stable rate of inflation, where labor market is in equilibrium.

Unemployed Workers

Individuals who are without a job but are actively seeking employment.

Sectoral Shifts

Changes in economic activity or labor market demand across different sectors or industries over time.