In February 2012, the Bureau of Labor Statistics Calculated the Unemployment

question 297

Multiple Choice

In February 2012, the Bureau of Labor Statistics calculated the unemployment rate to be 8.3%. If frictional unemployment was 3.1% and structural unemployment was 3.2%, then the natural rate of unemployment was:

• A) 4.5%.
• B) 2.0%.
• C) 1%.
• D) 6.3%.

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Definitions:

Rich and Poor Nations

Terms used to differentiate countries based on economic status, wealth distribution, and standard of living.

Modernization Theory

A theory in sociology that posits countries go through a process of social evolution, from traditional to modern stages, with industrialization and economic growth as key components of development.

Internal Characteristics

The innate or inherent traits, qualities, or attributes of an individual or entity, often distinguishing them from others.

Dependency Theorist

A scholar who advocates for the dependency theory, which suggests that economic conditions in poorer countries are largely the result of exploitative policies and practices by wealthier nations.