Describe the unemployment situation after the Great Recession.
What will be an ideal response?
The great recession saw significant decreases in real GDP, falling 4.7 percent from peak to trough, and high unemployment. In the second half of 2009, when the economy began improving, GDP began to rise, but unemployment remained high. Job growth remained slow, more than three years after the recession began employment remained 3.4 million less than it had at the start of the recession. The recession not only caused significant unemployment, but also increased the median time a worker was unemployed, from 7.7 weeks to 24.8 weeks.
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
In 1995, the United States threatened to impose 100 percent tariffs on ________ from ________ if it didn't loosen its protectionist policies
A) light trucks; Germany B) brandies; France C) auto parts; Japan D) luxury cars; Japan
Although most large firms in the United States offer their employees health insurance, fewer than two-thirds accept it
Indicate whether the statement is true or false
An outward shift of the production possibilities frontier
a. reflects economic stability b. reflects economic growth c. reflects economic decline d. does not relate to the state of the economy e. is always a parallel shift