Principles of Economics (Second Edition)
Principles of Economics (Second Edition)
2nd Edition
ISBN: 9780393614077
Author: coppock, Lee; Mateer, Dirk
Publisher: W. W. Norton & Company
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Chapter 20, Problem 3QFR
To determine

To explain:

The relationship between recent unemployment rate in US economy and its long run average.

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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?
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"?
How does the most recent unemployment rate relate to the long-run average?
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