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What is the unemployment rate after 5 million people

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Reference no: EM132484697

Suppose we have the following initial data concerning unemployment in the economy:

Labor Force: 200 million

Number of people unemployed: 10 million

Now suppose that subsequently 5 million people drop out of the labor force because they are discouraged and cannot find a job.

Question:

What is the unemployment rate after 5 million people drop out of the labor force?

Reference no: EM132484697

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