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

Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment ©2004 South-Western, a division of Thomson Learning™ 2 EXHIBIT 12-1Hypothetical and Actual Business Cycles Source: Bureau of Economic Analysis, Table 1.2.

Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment ©2004 South-Western, a division of Thomson Learning™ 3 EXHIBIT 12-1Hypothetical and Actual Business Cycles (Cont.) Source: Bureau of Economic Analysis, Table 1.2.

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

Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment ©2004 South-Western, a division of Thomson Learning™ 5 EXHIBIT 12-3A Historical Record of Business Cycles in the United States, 1929–2001 Source: Bureau of Economic Analysis, Table S.1.

Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment ©2004 South-Western, a division of Thomson Learning™ 6 EXHIBIT 12-4International Comparison of Real GDP Growth Rates, 2001 Source: Survey of Current Business, International Perspectives, Table H.

Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment ©2004 South-Western, a division of Thomson Learning™ 7 EXHIBIT 12-5Business-Cycle Indicators

Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment ©2004 South-Western, a division of Thomson Learning™ 8 EXHIBIT 12-6 Population, Employment, and Unemploy- ment, 2001 Source: Economic Report of the President, 2002, Table B-35.

Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment ©2004 South-Western, a division of Thomson Learning™ 9 EXHIBIT 12-7The U.S. Unemployment Rate, 1929–2001 Source: Economic Report of the President, 2002, Table B-35.

Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment ©2004 South-Western, a division of Thomson Learning™ 10 EXHIBIT 12-8Unemployment Rates for Selected Nations, 2001 Source: Economic Report of the President, 2002, Table B-109.

Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment ©2004 South-Western, a division of Thomson Learning™ 11 EXHIBIT 12-9Potential and Actual GDP, 1990–2001 Source: Economagic, and OECD Economic Outlook, December 2001, Annex Table 11, p. 215.

Survey of Economics, 4e / Ch. 12 Business Cycles and Unemployment ©2004 South-Western, a division of Thomson Learning™ 12 EXHIBIT 12-10Civilian Unemployment Rates by Selected Demographic Groups, 2001 Source: Economic Report of the President, 2002, Tables B-42 and B-43 and U.S. Bureau of Labor Statistics, Table A-3.