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What is the approximate unemployment rate

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Suppose that no one enters or leaves the labor force. The fraction of the unemployed that gets a job in a given week is 0.20. The fraction of the employed that lose their job in a given week and become unemployed is 0.02. What is the approximate unemployment rate when flows into and out of the unemployment pool are in balance? Please diagram the flow, how the work and explain.

Reference no: EM133079095

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