Essentials of Economics
Essentials of Economics
4th Edition
ISBN: 9781464186653
Author: Paul Krugman, Robin Wells
Publisher: Worth Publishers
Question
Book Icon
Chapter 14, Problem 1P
To determine

The current unemployment rate compared to the rate one month earlier and to the the rate one year earlier.

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
Check Mark

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:
    Essentials of Economics, Chapter 14, Problem 1P

Conclusion:

Thus, unemployment rate is the same as in previous month but has decreased since previous year.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Knowledge Booster
Background pattern image
Recommended textbooks for you
Text book image
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:9780190931919
Author:NEWNAN
Publisher:Oxford University Press
Text book image
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Text book image
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Text book image
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Text book image
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Text book image
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education