-Consider the Following Data from August,2010

question 31

Essay

-Consider the following data from August,2010:
(a)Calculate the labor participation rate.
(b)Calculate the unemployment rate.
(c)What is the number of discouraged workers?
(d)Consider Figure 7.5 below.What might explain the decline in the labor participation rate from 2001 to 2010?

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Definitions:

Industrial Capitalism

Economic system characterized by private or corporate ownership of capital goods, investments determined by private decision, and prices, production, and the distribution of goods determined mainly by competition in a free market.

Commercial Capitalism

An economic system where trade, goods, and capital are privately controlled and operated for profit, characterized by the emergence of market economies and merchant classes.

Trust

Refers to the firm belief in the reliability, truth, ability, or strength of someone or something.

Saloon

A place for drinking alcohol that was especially popular in the United States during the 19th and early 20th centuries, serving as a social hub in towns and cities.