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Economics: A Contemporary Introduction 9th Edition by William McEachern
Edition 9ISBN: 9780538453745Economics: A Contemporary Introduction 9th Edition by William McEachern
Edition 9ISBN: 9780538453745 Exercise 1
Understanding Graphs Look at Exhibit 5 and answer the following question:
a. In what year (approximately) was the unemployment rate the highest? In what year was it the lowest?
b. In what decade, on average, was the unemployment rate highest? In what decade was it lowest?
c. Between 1950 and 1980, did the unemployment rate generally increase, decrease, or remain about the same?
Reference Exhibit 5:
a. In what year (approximately) was the unemployment rate the highest? In what year was it the lowest?
b. In what decade, on average, was the unemployment rate highest? In what decade was it lowest?
c. Between 1950 and 1980, did the unemployment rate generally increase, decrease, or remain about the same?
Reference Exhibit 5:
Explanation
Verified
Verified
Refer to Exhibit 5 in the appendix of chapter 1. Notice that time is plotted on the horizontal axis and the unemployment rate is plotted on the vertical axis.
(a)To locate the highest unemployment rate, locate the highest point the graph reaches on the vertical axis. This point occurs at approximately year 1932. The lowest point of the unemployment rate was approximately at year 1942.
(b)From roughly the years 1930-1940 the unemployment rate steadily remained extremely high compared to other years. Immediately following this decade, from roughly 1940-1950, the unemployment rate steadily remained extremely low compared to other years.
(c)From 1950 to 1980 the unemployment rate fluctuated with both increases and decreases in the unemployment rate. However, in 1980, the unemployment rate was slightly higher than it was in 1950.
(a)To locate the highest unemployment rate, locate the highest point the graph reaches on the vertical axis. This point occurs at approximately year 1932. The lowest point of the unemployment rate was approximately at year 1942.
(b)From roughly the years 1930-1940 the unemployment rate steadily remained extremely high compared to other years. Immediately following this decade, from roughly 1940-1950, the unemployment rate steadily remained extremely low compared to other years.
(c)From 1950 to 1980 the unemployment rate fluctuated with both increases and decreases in the unemployment rate. However, in 1980, the unemployment rate was slightly higher than it was in 1950.
Economics: A Contemporary Introduction 9th Edition by William McEachern
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