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Chapter 21: Q. 3 (page 523)

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

Same level roughly.

Step by step solution

01

Step1. Introduction

The unemployment rate is the proportion of the labor force which is unemployed. An uptrend indicates rising rate, and hence more unemployment and vice versa for downtrend.

02

Step2. Explanation

Roughly, the unemployment rate has fairly stayed stable with some little fluctuations here and there.

This indicates the Fed has been successful in maintaining and achieving the targeted unemployment.

The Fed has been able to maintain the unemployment rate around 5%.

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Most popular questions from this chapter

Is it desirable to pursue a goal of zero unemployment? Why or why not?

Would you expect the natural rate of unemployment to remain the same within one country over the long run of several decades?

Is it desirable to eliminate natural unemployment? Why or why not?

Is a decrease in the unemployment rate necessarily a good thing for a nation? Explain.

Using the definition of the unemployment rate, is an increase in the unemployment rate necessarily a bad thing for a nation?
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