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Chapter 1: Problem 9

Each of the following was a year of high unemployment except (LO4) a) 1933 c) 1944 e) 1982 b) 1938 d) 1975

Short Answer

Expert verified
c) 1944

Step by step solution

01

Analyzing 1933

This year falls in the midst of the Great Depression, which lasted from 1929 to 1939. Many people lost their jobs during this period, which caused high unemployment rates. Therefore, 1933 was likely a year of high unemployment.
02

Analyzing 1944

This year falls during World War II, which lasted from 1939 to 1945. Generally, the war led to low levels of unemployment as many countries experienced increased production demands to support their military forces. Consequently, 1944 was likely a year of low unemployment.
03

Analyzing 1982

The year 1982 falls during a global recession that was characterized by high interest rates, rising unemployment, and decreased GDP in many countries. Hence, 1982 was likely a year of high unemployment.
04

Analyzing 1938

The year 1938 was still in the period of the Great Depression, which saw high levels of job losses and economic decline. As a result, 1938 was also likely a year of high unemployment.
05

Analyzing 1975

This year falls during the 1970s' era of stagflation which is characterized by high inflation, high unemployment, and slow economic growth. Thus, 1975 was likely a year of high unemployment.
06

Identifying the year with low unemployment

From the analysis above, 1944 is the only year that had low unemployment due to increased production demands during World War II. Therefore, the correct answer is: c) 1944

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