2. Suppose you are the governor of Country A and you have observed some changes in your country. Identify the likely impact on Country A with the economic concepts we have discussed in this course.i. Establishment of more labour unions in many industries in the country ii. A widespread of global pandemiciii. An abolishment of minimum wage lawiv. Much more educated workers than a decade beforeHow would the unemployment rate be affected in each of the above cases? Identify the specific type of unemployment (frictional, structural or cyclical unemployment) affected in each case.

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose you are the governor of Country A and you have observed some changes in your country. Identify the likely impact on Country A with the economic concepts we have discussed in this course.

i. Establishment of more labour unions in many industries in the country ii. A widespread of global pandemic
iii. An abolishment of minimum wage law
iv. Much more educated workers than a decade before

How would the unemployment rate be affected in each of the above cases? Identify the specific type of unemployment (frictional, structural or cyclical unemployment) affected in each case.

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