1.6. The accompanying figure shows the annual rate of growth in employment for the United Kingdom and Japan from 1988 to 2005. (The annual growth rate is the percent change in each year’s employment over the previous year.)

a. Comment on the business cycles of these two economies.
Are their business cycles similar or dissimilar?

b. Use the accompanying figure and the figure in the Global Comparison on international business cycles in the chapter to compare the business cycles of each of these two economies with those of the United States and the eurozone.

Transcribed Image Text:

Annual percent change in employment 5% 4 4 3 2 22 1- 0 -1 -2 -3 1988 1990 1992 Japan United Kingdom 1994 1996 1998 2000 2002 2004 2005 Year