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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.

Macroeconomics: Private and Public Choice (MindTap Course List)
Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter8: Economic Fluctuations, Unemployment, And Inflation
Section: Chapter Questions
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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.
Transcribed Image Text: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.
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