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Chapter 8: Q.3 (page 213)

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

It has remained at an identical level.

Step by step solution

01

Step.1 Introduction

Unemployment can be defined as the situation when a person who is able to work and is work, is also actively looking for jobs but is not able to find one. The percentage of working population that cannot find work is known as unemployment rate.

02

Step.2 Explanation 

The unemployment rate in the US has seen fluctuations in the short term in case of economic recessions and recovery. However, in the long term, the unemployment rate has mostly remained the same.

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Most popular questions from this chapter

As the baby boomer generation retires, what should happen to wages and employment? Can you show this graphically?

Assess whether the following would be counted as 鈥渦nemployed鈥� in the Current Employment Statistics survey.

a. A husband willingly stays home with children while his wife works.

b. A manufacturing worker whose factory just closed down.

c. A college student doing an unpaid summer internship.

d. A retiree.

e. Someone who has been out of work for two years but keeps looking for a job.

f. Someone who has been out of work for two months but isn鈥檛 looking for a job.

g. Someone who hates her present job and is actively looking for another one.

h. Someone who decides to take a part time job because she could not find a full time position.

What are some of the problems with using the unemployment rate as an accurate measure of overall joblessness?

Are U.S. unemployment rates distributed evenly across the population?

As the baby boom generation retires, the ratio of retirees to workers will increase noticeably. How will this affect the Social Security program? How will this affect the standard of living of the average American?
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