question archive During the 2012 U
During the 2012 U
Subject:EconomicsPrice: Bought3
During the 2012 U.S. presidential campaign, the candidates made statements about the labor market. President Obama said “When I took office in January 2009, there were 140 million people working. And now in August 2012, there are 143 million people working. More people are working now than when I took office.” Mitt Romney, the Republican challenger to President Obama, said “When President Obama took office in January 2009, the unemployment rate was 7.8%. Today, almost four years later, in August 2012, the unemployment rate is 8.1%. The unemployment rate is higher today than when President Obama became president." Which of the answer choices best explains what the candidates said about the labor market?Group of answer choicesPresident Obama was incorrect because it is not possible for the number of employed to increase while the unemployment rate also increases.Mitt Romney was incorrect because it is not possible for the unemployment rate to increase while the number of employed also increases.Both President Obama and Mitt Romney were correct because the labor force grew by the exact same rate as the number of employed.Both President Obama and Mitt Romney were correct because the labor force grew much faster than the number of employed.
