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3. Labor market Consider Figure 7.10 which shows the unemployment rate and employment-population ratio before, during, and after the financial crisis and Great Recession of 2007-2009. Note that between 2009 and 2014, the unemployment rate fell but the employment-population ratio was more or less the same. Explain why this occurred. Figure 7.10 12.0 64.0 63.0 10.0 62.0 Unempioymert rate Employmert- populationratio 8.0 61.0 60.0 6.0 59.0 4.0 58.0 57.0 2.0 56.0 0.0 55.0 2002 2003 2005 2006 2008 2009 2011 2012 2014 2015 2017 2018 Unemployment rate (percent) Employment-population ratio (percent)

3. Labor market Consider Figure 7.10 which shows the unemployment rate and employment-population ratio before, during, and after the financial crisis and Great Recession of 2007-2009. Note that between 2009 and 2014, the unemployment rate fell but the employment-population ratio was more or less the same. Explain why this occurred. Figure 7.10 12.0 64.0 63.0 10.0 62.0 Unempioymert rate Employmert- populationratio 8.0 61.0 60.0 6.0 59.0 4.0 58.0 57.0 2.0 56.0 0.0 55.0 2002 2003 2005 2006 2008 2009 2011 2012 2014 2015 2017 2018 Unemployment rate (percent) Employment-population ratio (percent)

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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3. Labor market Consider Figure 7.10 which shows the unemployment rate and employment-population ratio before, during, and after the financial crisis and Great Recession of 2007–2009. Note that between 2009 and 2014, the unemployment rate fell but the employment-population ratio was more or less the same. Explain why this occurred. Figure 7.10 12.0 64.0 63.0 10.0 62.0 Employment- Unemployment rate population ratio 8.0 61.0 60.0 6.0 59.0 4.0 58.0 57.0 2.0 56.0 0.0 55.0 2002 2003 2005 2006 2008 2009 2011 2012 2014 2015 2017 2018 Unemployment rate (percent) Employment-population ratio (percent)
Transcribed Image Text:3. Labor market Consider Figure 7.10 which shows the unemployment rate and employment-population ratio before, during, and after the financial crisis and Great Recession of 2007–2009. Note that between 2009 and 2014, the unemployment rate fell but the employment-population ratio was more or less the same. Explain why this occurred. Figure 7.10 12.0 64.0 63.0 10.0 62.0 Employment- Unemployment rate population ratio 8.0 61.0 60.0 6.0 59.0 4.0 58.0 57.0 2.0 56.0 0.0 55.0 2002 2003 2005 2006 2008 2009 2011 2012 2014 2015 2017 2018 Unemployment rate (percent) Employment-population ratio (percent)
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