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 199091 Recession in Historical Perspective, New England Economic Review 2 (Jan./Feb. 1992): 45, 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, 19292001 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, 19292001 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, 19902001 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.