In 2012, the Likelihood of Experiencing a Spell of Unemployment

question 21

Multiple Choice

In 2012, the likelihood of experiencing a spell of unemployment lasting at least 12 months

• A)was roughly the same in the United States as it was in Europe.
• B)was much lower in the United States than in Europe.
• C)was much higher in Europe than in the United States with all European countries having at least 30 percent of their unemployed experiencing a spell of unemployment of at least 12 months.
• D)varied substantially across European countries, with some rivaling the United States but many others being much higher than in the United States.
• E)varied substantially across European countries, with some rivaling the United States but many others being much lower than in the United States.

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Definitions:

Willingness to Pay

The maximum amount an individual is prepared to spend on a good or service, reflecting the value they place on it.

Income

The extraction of financial value, repetitively over time, from working engagements or investment pursuits.

Income Elasticity

A measure of how much the demand for a good or service changes with a change in the consumer's income.

Per Capita

A statistical measure that represents the average per person of a particular indicator, such as income or GDP.