Answered: Examine the data on the economic growth…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Examine the data on the economic growth and unemployment rate for 2010-2015

i) What trends do you observe In the unemployment rate? In economic growth?

ii) Identify the relationship between Economic Growth and Unemployment, if any. (positive, negative, no relationship) Use the data to justify your choice.

iii) Does the relationship observed in part 2 satisfy the economists' view of the relationship between economic growth and unemployment? Use references to support your answer.

Year
2010 201120122013 2014 2015
Economic
Growth (%)
2.7 1.7 1.3 2.7 2.5 1.9
Unemployment9.6 8.9 8.1 7.4 6.2
(%)
5.3

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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