In 2014 in a country with a labor force of 100 million 6, Business Economics

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In 2014 in a country with a labor force of 100 million 6

In 2014 in a country with a labor force of 100 million, 6 million people were unemployed. In 2014 the number of unemployed people increased to 7.750 million. Assuming that the labor force did not increase in 2014, use the Okun’s law and formula predict the percentage change in real GDP for 2015.

Hint: use unemployment formulas and Okun’s law. Please show work.

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Business Economics: In 2014 in a country with a labor force of 100 million 6

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