During a Recession, the Average Duration of Unemployment Tends to

question 14

Multiple Choice

During a recession, the average duration of unemployment tends to

• A) be about the same as during an expansion.
• B) decrease.
• C) increase.
• D) be unpredictable.
• E) remain constant.

Understand the implications of input cost changes on supply.

Recognize the concept of market equilibrium and the forces that lead to its change.

Distinguish between movements along a curve versus shifts of the curve in supply and demand analysis.

Analyze the consequences of technological changes and preferences on market equilibrium.

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Definitions:

Significance Level

The probability of rejecting the null hypothesis in a statistical test when it is actually true, typically denoted by alpha.

Rule of Five

A statistical rule of thumb asserting that normal approximation can be used if an expected frequency is 5 or more in all categories of a binomial distribution.

Chi-squared Goodness-of-fit Test

A statistical test to determine if observed data deviates significantly from the expected distribution.

Grade Distribution

The statistical spread or pattern of grades received by students in a course or examination.