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1 year ago

Suppose the unemployment rate was 7.4 percent, far above the full-employment threshold (= 5 percent).

1 answer:

8 0

Based on the unemployment rate at the full employment rate and the current unemployment rate, the jobs lost were 4,320,000 jobs.

The output lost by the increase in unemployment is $419.04 billion.

The decline in GDP per capita would be $1,351.74 per capita.

<h3>What number of jobs were lost?</h3>

This can be found as:

= (7.4% - 5%) x 180,000,000

= 4,320,000 jobs

<h3>What amount of output was lost?</h3>

= Jobs lost x output per employee

= 4,320,000 x 97,000

= $419,040,000,000

= $419.04 billion

<h3>What did the GDP decline by?</h3>

= Output lost / Population

= 419,040,000,000 / 310,000,000

= $1,351.74 per capita

Find out more on GDP per capita at brainly.com/question/27016642.

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