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Over the previous two decades, there has been a reduction in the price of unemployment. For instance, in the course of the period starting from 1993 to 2002, the rate of unemployment reduced from 10.3% to five.1%. The reduction in unemployment resulted from creation of employment opportunities. The population of individuals employed elevated from 70.4% in 1993 to 74.7% in 2001(Office of National Statistics, 2004, para. 4).

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