2. In the shadow of the 2008 financial crisis, economists in 2010 were debating whether the Philippine economy was in a recession. GDP seemed to be rising, yet the unemployment rate was stuck at a high level. In thinking about the economic distress experienced during a recession, which is more important to address and why: high unemployment or falling GDP? Explain. You can only choose one.
2. In the shadow of the 2008 financial crisis, economists in 2010 were debating whether the Philippine economy was in a recession. GDP seemed to be rising, yet the unemployment rate was stuck at a high level. In thinking about the economic distress experienced during a recession, which is more important to address and why: high unemployment or falling GDP? Explain. You can only choose one.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter19: The Macroeconomic Perspective
Section: Chapter Questions
Problem 4SCQ: Without looking at Table 19.7, return to Figure 19.10. If we define a recession as a significant...
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![2. In the shadow of the 2008 financial crisis, economists in 2010 were
debating whether the Philippine economy was in a recession. GDP seemed to
be rising, yet the unemployment rate was stuck at a high level. In thinking
about the economic distress experienced during a recession, which is more
important to address and why: high unemployment or falling GDP? Explain.
You can only choose one.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F42f504d7-b3a5-4ce7-b3df-ffaeddfcaf50%2Ff38315ba-45ca-4a0f-beea-7d4eeb9126fc%2Ftg484rj_processed.png&w=3840&q=75)
Transcribed Image Text:2. In the shadow of the 2008 financial crisis, economists in 2010 were
debating whether the Philippine economy was in a recession. GDP seemed to
be rising, yet the unemployment rate was stuck at a high level. In thinking
about the economic distress experienced during a recession, which is more
important to address and why: high unemployment or falling GDP? Explain.
You can only choose one.
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