Go to the Bureau of Labor Statistics website at Bureau of Labor Statistics (http

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Go to the Bureau of Labor Statistics website at
Bureau of Labor Statistics
(http://www.bls.gov/)
On the right side of the page, under “Latest Numbers,” find the unemployment rate. Then click on the icon of the line graph for historical data. Look at the line graph and the table of recent monthly unemployment rates.
1. What is the most recent unemployment rate?
2. Does unemployment seem to be increasing or decreasing?
Before the Great Depression, economists and politicians did not think it was their duty to try to remedy periods of high unemployment.
3. Do you think it would be politically acceptable for any politician today to be thought of as ignoring high unemployment?
Let’s look at the other side of a business cycle: inflation. In fact, we’ll look at the most extreme kind of inflation – hyperinflation.
First, look at this article from an economist at the Cato Institute who had been following the instances of extreme inflation in Zimbabwe. You may skim the article, but in particular, look at the chart of historical examples of hyperinflation at the end of the article.
Hyperinflation in Zimbabwe
4. How long did it take for prices to double in Zimbabwe in 2008?
Now, look at this article from Reuters on the death of the Zimbabwe dollar. The government was forced to allow foreign currencies to be used.
Reuters Article
5. Why were the people of Zimbabwe forced to start using foreign currencies?
6. What would it be like to live in hyperinflation? How would it make ordinary life very difficult?

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