3. Labor market Consider Figure 7.10 which shows the unemployment rate and employment-population ratio before, during, and after the financial crisis and Great Recession of 2007-2009. Note that between 2009 and 2014, the unemployment rate fell but the employment-population ratio was more or less the same. Explain why this occurred. Figure 7.10 12.0 64.0 63.0 10.0 62.0 Unempioymert rate Employmert- populationratio 8.0 61.0 60.0 6.0 59.0 4.0 58.0 57.0 2.0 56.0 0.0 55.0 2002 2003 2005 2006 2008 2009 2011 2012 2014 2015 2017 2018 Unemployment rate (percent) Employment-population ratio (percent)
3. Labor market Consider Figure 7.10 which shows the unemployment rate and employment-population ratio before, during, and after the financial crisis and Great Recession of 2007-2009. Note that between 2009 and 2014, the unemployment rate fell but the employment-population ratio was more or less the same. Explain why this occurred. Figure 7.10 12.0 64.0 63.0 10.0 62.0 Unempioymert rate Employmert- populationratio 8.0 61.0 60.0 6.0 59.0 4.0 58.0 57.0 2.0 56.0 0.0 55.0 2002 2003 2005 2006 2008 2009 2011 2012 2014 2015 2017 2018 Unemployment rate (percent) Employment-population ratio (percent)
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment
Section: Chapter Questions
Problem 6WNG
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Transcribed Image Text:3. Labor market
Consider Figure 7.10 which shows the unemployment rate and employment-population ratio before,
during, and after the financial crisis and Great Recession of 2007–2009. Note that between 2009 and
2014, the unemployment rate fell but the employment-population ratio was more or less the same.
Explain why this occurred.
Figure 7.10
12.0
64.0
63.0
10.0
62.0
Employment-
Unemployment rate
population ratio
8.0
61.0
60.0
6.0
59.0
4.0
58.0
57.0
2.0
56.0
0.0
55.0
2002
2003
2005
2006
2008
2009
2011
2012
2014
2015
2017
2018
Unemployment rate (percent)
Employment-population ratio (percent)
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