Based on the unemployment rate at the full employment rate and the current unemployment rate, the jobs lost were 4,320,000 jobs.
The output lost by the increase in unemployment is $419.04 billion.
The decline in GDP per capita would be $1,351.74 per capita.
<h3>What number of jobs were lost?</h3>
This can be found as:
= (7.4% - 5%) x 180,000,000
= 4,320,000 jobs
<h3>What amount of output was lost?</h3>
= Jobs lost x output per employee
= 4,320,000 x 97,000
= $419,040,000,000
= $419.04 billion
<h3>What did the GDP decline by?</h3>
= Output lost / Population
= 419,040,000,000 / 310,000,000
= $1,351.74 per capita
Find out more on GDP per capita at brainly.com/question/27016642.
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