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Unemployment rate down

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US Labor Force.

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 percentage) in order to create enough jobs to push the unemployment rate down to 5%?

You can only find the percentage change needed from this information.

Reference no: EM131188692

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