Consider the Great Recession of 2007-2009, explain what you would expect to observe in the labor market during the recession and then explain what you would expect to observe in the labor market five years later. Questions to consider when formulating your response: For most young people, working full-time and going to school are substitutes: they tend to do one or the other. When it's tough to find a job, does that raise the opportunity cost of going to college or does it lower it? When it's tough to find a job, does the demand for college rise or fall?