In March 2007, the U.S. unemployment rate was 4.4 percent. In August 2008, the unemployment rate was 6.1 percent. Predict what happened to (1) unemployment between March 2007 and August 2008, assuming that the labor force was constant and (2) the labor force between March 2007 and August 2008, assuming that unemployment was constant.

In March 2007, the U.S. unemployment rate was 4.4 percent. In August 2008, the unemployment rate was 6.1 percent. Predict what happened to (1) unemployment between March 2007 and August 2008, assuming that the labor force was constant and (2) the labor force between March 2007 and August 2008, assuming that unemployment was constant.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment

Section: Chapter Questions

Problem 7WNG

See similar textbooks

Similar questions

A country with a population of eight million adults has five million employed, 500,000 unemployed, and the rest 0f the adult population is out of the labor force. Whats the unemployment rate? What share of population is in the labor force? Sketch a pie chart that divides the adult population into these three groups.
Are U.S. unemployment rates distributed evenly across the population?
The U.S. unemployment rate increased from 4.6 in July 2001 to 5.9 by June 2002. Without studying the subject in any detail, would you expect that a change of this kind is more likely to be due to cyclical unemployment or a change in the natural rate of unemployment? My?
If inflation rises unexpectedly by 5, indicate for each of the following whether the economic actor is helped, hurt, or unaffected: A union member with a COLA wage contract Someone with a large stash of cash in a safe deposit box A bank lending money at a fixed rate of interest A person who is not due to receive a pay raise for another 11 months
Assess whether the following would be counted as unemployed in the Current Employment Statistics survey. A husband willingly stays home with children while his wife works. A manufacturing worker whose factory just closed down. A college student doing an unpaid summer internship. A retiree. Someone who has been out of work for two years but keeps looking for a job. Someone who has been out of work for two months but isnt looking for a job. Someone who hates her present job and is actively looking for another one. Someone who decides to take a part time job because she could not find a full time position.