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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

A government passes a family-friendly law that no companies can have evening, nighttime, or weekend hours so that everyone can be home with their families during these times. Analyze the effect of this law using a demand and supply diagram for the labor market: first assuming that wages are flexible, and then assuming that wages are sticky downward.

Suppose the adult population over the age of 16 is 237.8 million and the labor force is 153.9 million (of whom 139.1 million are employed). How many people are 鈥渘ot in the labor force?鈥� What are the proportions of employed, unemployed and not in the labor force in the population? Hint: Proportions are percentages.

What is frictional unemployment? Give examples of frictional unemployment.

Why do you think that unemployment rates are lower for individuals with more education?

What is the difference between being unemployed

and being out of the labor force?
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