Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 8, Problem 13CQ
To determine
Identify the relevance of the statement.
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Economics: Private and Public Choice (MindTap Course List)
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- In 1929 the US had an unemployment rate of approximately 3.2%, or 1.6 million people unemployed, yet most economists suggest we were at full employment. What do economists mean by "full employment"?arrow_forwardWhat is being done to end unemployment in the U.S.arrow_forwardIn June 2009, at the trough of the Great Recession, the Bureau of Labor Statistics announced that of all adult Americans, 140,196,000 were employed, 14,729,000 were unemployed, and 80,729,000 were not in the labor force. a) What was the size of the labor force in 2009? Show your work. b) What was the labor-force participation rate in 2009? Show your work. c) What was the unemployment rate in 2009? Show your work.arrow_forward
- Unemployment is a major concern for the United States and across industrialized nations. But what is the unemployment rate in the United States? For this week’s discussion, do some research about the US unemployment rate. Does the percentage surprise you? Why or why not? Is it a higher or lower percentage than you thought?arrow_forwardWhat causes the high unemployment rate in south Africa?arrow_forwardName two jobs that you think would be affected by seasonal unemployment. Explain why they would be affected.arrow_forward
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