Essentials of Economics
4th Edition
ISBN: 9781464186653
Author: Paul Krugman, Robin Wells
Publisher: Worth Publishers
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Question
Chapter 14, Problem 1P
To determine
The current
Concept Introduction:
Unemployment Rate: Unemployment rate refers to the measure of total unemployed population, voluntarily or involuntarily, within the given area out of the total existing population.
Expert Solution & Answer
Explanation of Solution
- As per the data provided on the website, the unemployment rate in December, 2017 is 4.1%. The unemployment rate in November, 2017 was 4.1% and in December, 2016 was 4.7%.
- The unemployment rate has been constant for the previous two months at 4.1% in December and November, 2017.
- However, the unemployment rate has decreased since previous year, from 4.7% in December, 2016 to 4.1% in December, 2017.
- The decrease in unemployment rate last one year can be calculated as follows:
Conclusion:
Thus, unemployment rate is the same as in previous month but has decreased since previous year.
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