1. Examine the data on unemployment rate and Economic rate for country A and Country B i) Identify the relationship between economic growth and unemployment rate (if any positive, negative, no relationship) Use the data to justify your choice. Country ATime/Year UnitsUnemploymentEconomic/GDP(% of total laborGrowth (Annualforce)%)20076.046.86920086.141.00820098.34-2.92820108.063.08920117,513.14720127.291.76220137.072.32920146.912.8720156.910.659201671.001Country BTime/Year UnitsUnemployment(% of total laborforce)Economic/GDPGrowth (Annual%)20079.751.432200810.33-0.812200911.36-4.345201012.37-1.457201112.71.73201213.93-0.614201315.250.518201413.750.69201513.510.921201613.191.375

Unemployment and Economic growth:- The connection between economic growth and unemployment…

Answered: Country A Time/Year Units Unemployment…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. Examine the data on unemployment rate and Economic rate for country A and Country B i) Identify the relationship between economic growth and unemployment rate (if any positive, negative, no relationship) Use the data to justify your choice.

Country A
Time/Year Units
Unemployment
Economic/GDP
(% of total labor
Growth (Annual
force)
%)
2007
6.04
6.869
2008
6.14
1.008
2009
8.34
-2.928
2010
8.06
3.089
2011
7,51
3.147
2012
7.29
1.762
2013
7.07
2.329
2014
6.91
2.87
2015
6.91
0.659
2016
7
1.001
Country B
Time/Year Units
Unemployment
(% of total labor
force)
Economic/GDP
Growth (Annual
%)
2007
9.75
1.432
2008
10.33
-0.812
2009
11.36
-4.345
2010
12.37
-1.457
2011
12.7
1.73
2012
13.93
-0.614
2013
15.25
0.518
2014
13.75
0.69
2015
13.51
0.921
2016
13.19
1.375

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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