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How many people were unemployed

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The US labor force, population, and unemployment rate in January 2013 were as follows:

Labor Force

155,825,000

Population

315,079,109

Unemployment rate

8.0%

Based on these figures:

(a) How many people were unemployed?

(b) How many more jobs would be required to push the unemployment rate down to 5%?

(c) According to Okun's Law, how much would GDP have to increase in order to create enough jobs to push the unemployment rate down to 5%?

Reference no: EM132456521

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