Use the table to answer the questions. u = unemployment rate, u* = natural rate of unemployment, Y = output, Y* = full employment output Year u u* 2007 4% 4.5% 2008 4.5% 4.5% 2009 5.25% 4.5% Given the information in the table, select the answer that best describes the condition of this economy in 2007. The economy is healthy, where Y is equal to Y*. There is not enough information to assess the condition of the economy. The economy is in an exceptional expansion because output is below potential. The economy is in a recession. The economy is in an exceptional expansion because Y is greater than Y*. What is the value of cyclical unemployment in 2009? value: %

Use the table to answer the questions. u = unemployment rate, u* = natural rate of unemployment, Y = output, Y* = full employment output Year u u* 2007 4% 4.5% 2008 4.5% 4.5% 2009 5.25% 4.5% Given the information in the table, select the answer that best describes the condition of this economy in 2007. The economy is healthy, where Y is equal to Y. There is not enough information to assess the condition of the economy. The economy is in an exceptional expansion because output is below potential. The economy is in a recession. The economy is in an exceptional expansion because Y is greater than Y. What is the value of cyclical unemployment in 2009? value: %

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations

Section: Chapter Questions

Problem 6P

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