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SOLVED: Economists use labor-market data to evaluate how well an economy is using itsmost valuable resource—its people. Two closely watched statistics are theunemployment rate and the employment-population ratio. Explain whathappens to each of these in the following scenarios. In your opinion, which statisticis the more meaningful gauge of how well the economy is doing?a. An auto company goes bankrupt and lays off its workers, who immediately startlooking for new jobs.b. After an unsuccessful se
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