Summary07 - CHAPTER 7 SUMMARY: 1. The summer of 1999 was a...

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CHAPTER 7 SUMMARY: 1. The summer of 1999 was a great time for new college graduates to find jobs. The economy was strong and unemployment low. At other times, however, job prospects for recent graduates are much bleaker. Why is that? What are some of the differences between a strong and a weak economy? During economic expansions, output increases and more workers are needed to produce it. During recessions, however, output declines and the demand for workers falls as well. Changes in output and employment signal changes between expansions and recessions. 2. How can you tell if the job market is strong or not? If you don't have a job, does that mean you're counted as unemployed? The unemployment rate is a good indicator of the strength of the job market. When the unemployment rate is low, job prospects are better than during periods of high unemployment. The unemployment rate can change because of changes in the number of people who are unemployed and changes in the number of people in the labor force. If you are out of work and
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Summary07 - CHAPTER 7 SUMMARY: 1. The summer of 1999 was a...

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