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Chapter 21: Q. 3 (page 523)

Over the long term, has the U.S. unemployment rate generally trended up, trended down, or remained at basically the same level?

Short Answer

Expert verified

Same level roughly.

Step by step solution

01

Step1. Introduction

The unemployment rate is the proportion of the labor force which is unemployed. An uptrend indicates rising rate, and hence more unemployment and vice versa for downtrend.

02

Step2. Explanation

Roughly, the unemployment rate has fairly stayed stable with some little fluctuations here and there.

This indicates the Fed has been successful in maintaining and achieving the targeted unemployment.

The Fed has been able to maintain the unemployment rate around 5%.

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Most popular questions from this chapter

If you are out of school but working part-time, are you considered employed or unemployed in U.S. labor statistics? If you are a full-time student and working 12 hours a week at the college cafeteria are you considered employed or not in the labor force? If you are a senior citizen who is collecting social security and a pension and working as a greeter at Wal-Mart are you considered employed or not in the labor force?

Is the higher unemployment rates for minority workers necessarily an indication of discrimination? What could be some other reasons for the higher unemployment rate?

When would you expect cyclical unemployment to

be rising? Falling?

Is a decrease in the unemployment rate necessarily a good thing for a nation? Explain.

Using the definition of the unemployment rate, is an increase in the unemployment rate necessarily a bad thing for a nation?
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