>> Business Economics
Assume that you just saw the third quarterly economic statistics of this year for the U.S. economy. The data indicates that the economy has added 200,000 new jobs and the unemployment rate had fallen to 8%. Despite this good news, however, the report reveals that more than 500,000 individuals have given up the hope of employment. Some critics point to this number and argue that the decline in the unemployment rate is not real. What term do economists use to describe those who stop looking for a job? Evaluate the critics’ argument on the issue.