Chapter6: Business Cycles And Unemployment
Section: Chapter Questions
Problem 10SQ
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Question
Jollyland is a hypothetical country. In the year 2015, the
Expert Solution
Step 1
Unemployment generally means a state of the economy in which people who are fit and willing to work but cannot find a suitable job.
Unemployment = Population/Work force - Employed people
Step 2
During 2015,
Unemployment rate in Jolly land is 50%
That means 50% people were employed.
In the year of 2016, 1/4 among this 50% became employed.
1/4 of 50% is 12.5%.
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