List some limitations of GDP as a perfect measure of economic wellbeing. How are each of the following likely to impact the unemployment rate? a) The length of time workers are eligible to receive unemployment insurance payments doubles. b) The minimum wage is increased. c) More companies make information on job openings easily available on Internet job sites.

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A: The economics as a study is based upon the basic idea of scarcity, and the resources which are…

Q: 3. Discouraged workers and involuntary part-time workers Simply counting the number of unemployed…

A:

Q: Suppose the world price of aluminum falls significantly. The demand for labor among…

A: A person is said to be frictionally unemployed when he/she is looking for his/her first job, or…

Q: Pegion, in part because of high union-negotiated wages. He would like to work at the high union wage…

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Q: 1. Why do you think so many Americans are not included in the unemployment rate?

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Q: 1.1Explain how the unemployment rate is calculated in the United States. Show how the most recent…

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Q: Explain how and why it might be possible for the unemployment rate to fall during the worst part of…

A: A recession is a period of economic contraction. During recession businesses experience decreased…

Q: Which of the following statements is incorrect? a. A decrease in the labor participation can make…

A: Introduction The labor force is the total number of people employed or actively looking for work in…

Q: Marcus was an aircraft mechanic for 27 years. An advancement in technology automated his job, so…

A: Unemployment rate is the percentage of labor force who is looking for a job and are able to work.

Q: 5) How many people are unemployed if the employment ratio is 75%, there are 90 million people-…

A: The employment ratio is defined as the overall employment level in the economy divided by the labor…

Q: 9. If 4 million people are unemployed in a county, and the size of the labor force is 25 million…

A: According to the question: Number of unemployed people= 4 million Size of labor force= 25 million…

Q: Which type of unemployment is not included in the natural unemployment rate? Why? Which phase of the…

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Q: In April approx. 22 million people filed for unemployment ins. In March, the labor force was…

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A: Labor Force refers to the total number of workers that are either employed or unemployed but…

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A: a. African Americans, Hispanics, workers in lower-skilled occupations, and less-educated workers.

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A: Unemployment means people without work are searching for a job but unable to find one.

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Inflation and Purchasing Power Theory

In economic terms, Inflation refers to the increase in the costs of various commodities which are used in daily lifestyle like food, clothes, transport, etc. over a specific time. It may lead to a fall in the purchasing power of the people and also affects the exchange rate of the currency because of the price increase. As the purchasing power falls the unit of the currency in the economy falls. When the prices of the commodities are decreased, then the purchasing power of the consumers will rise, then it will lead to deflation and changes the currency of the base economy to that of the foreign economy which will lead to change in exchange rates.