Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment©2004 South-Western, a division of Thomson Learning™

CHAPTER12Business Cycles and Unemployment

2 Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment©2004 South-Western, a division of Thomson Learning™

EXHIBIT 12-1 Hypothetical and Actual Business Cycles

Source: Bureau of Economic Analysis, http://www.bea.doc.gov/bea/dn/nipaweb/SelectTable.asp?Selected=N, Table 1.2.

3 Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment©2004 South-Western, a division of Thomson Learning™

EXHIBIT 12-1 Hypothetical and Actual Business Cycles(Cont.)

Source: Bureau of Economic Analysis, http://www.bea.doc.gov/bea/dn/nipaweb/SelectTable.asp?Selected=N, Table 1.2.

4 Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment©2004 South-Western, a division of Thomson Learning™

EXHIBIT 12-2 Severity of Post-World War II Recessions

Source: Stephen McNees, “The 1990–91 Recession in Historical Perspective,” New England Economic Review 2 (Jan./Feb. 1992): 4–5, Table 1. Updated by author.

5 Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment©2004 South-Western, a division of Thomson Learning™

EXHIBIT 12-3 A Historical Record of Business Cycles in the United States, 1929–2001

Source: Bureau of Economic Analysis, http://www.bea.doc.gov/bea/dn/nipaweb/SelectTable.asp?Selected=N, Table S.1.

6 Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment©2004 South-Western, a division of Thomson Learning™

EXHIBIT 12-4 International Comparison of Real GDP Growth Rates, 2001

Source: Survey of Current Business, International Perspectives, http://www.bea.doc.gov/bea/pubs.htm, Table H.

7 Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment©2004 South-Western, a division of Thomson Learning™

EXHIBIT 12-5 Business-Cycle Indicators

8 Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment©2004 South-Western, a division of Thomson Learning™

EXHIBIT 12-6Population, Employment, and Unemploy-ment, 2001

Source: Economic Report of the President, 2002, http://w3.access/gpo/eop/, Table B-35.

9 Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment©2004 South-Western, a division of Thomson Learning™

EXHIBIT 12-7 The U.S. Unemployment Rate, 1929–2001

Source: Economic Report of the President, 2002, http://w3.access.gpo.gov/eop/, Table B-35.

10 Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment©2004 South-Western, a division of Thomson Learning™

EXHIBIT 12-8 Unemployment Rates for Selected Nations, 2001

Source: Economic Report of the President, 2002, http://w3.access.gpo.gov/eop/, Table B-109.

11 Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment©2004 South-Western, a division of Thomson Learning™

EXHIBIT 12-9 Potential and Actual GDP, 1990–2001

Source: Economagic, http://www.economagic.com/, and OECD Economic Outlook, December 2001, http://infotrac.thomsonlearning.com/, Annex Table 11, p. 215.

12 Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment©2004 South-Western, a division of Thomson Learning™

EXHIBIT 12-10 Civilian Unemployment Rates by Selected Demographic Groups, 2001

Source: Economic Report of the President, 2002, http://w3.access.gpo.gov/eop/, Tables B-42 and B-43 and U.S. Bureau of Labor Statistics, http://stats.bls.gov/cps/cpsatabs.htm, Table A-3.