Unemployment is an economic problem because of the concept of (o2. Quite apartfrom any idea of consideration for others, unemployment is economic waste: A unit of laborresource that could be engaged in production is sitting idle.The "GDP gap" is the difference between () and (What are the consequences of a negative GDP gap? The consequence of a negative GDP gapis that what is not produced – the amount represented by the gap is lost forever. Moreover, tothe extent that this lost production represents capital goods, the potential production for the futureis impaired. Future economic growth will be (more, less).

As reflected by the long-term trend, the difference between an economy's actual GDP and its…

Answered: Unemployment is an economic problem…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

7
Please please solved by rule 70
Cyclical unemployment O 1) has a different explanation than does the natural rate of unemployment. O 2) refers to the yeartoyear fluctuation in unemployment around an economy's natural rate of unemployment. O 3) is closely associated with short-run fluctuations of economic activity. O 4) All of the above are correct.
Please answer ALL of the questions below!!! Make sure it is 100% correct!!!
Refer to Table 4, The value for GDP in billions of dollars is (CLOS # 3) Table 4 Compensation of employees (household) 223 Depreciation 27 Rents 14 Interest 13 Indirect Business Taxes 18 Corporate Profits Transfer payment 56 12 Net Foreign Factor Income 4 Proprietor's Income 33 Personal taxes 26 Corporate income taxes 19 Select one: O a. 376 O b. 386 O c. 384 O d. 377
1
If the population of a country is 1,000,000 people, its labor force consists of 500,000, and 40,000 people are unemployed, the unemployment rate is: O 8.0 percent. O 7.4 percent. O 50.0 percent. O 4.0 percent.
Fill in the missing portion of the following table and answer the following questions: (Billions) (Negative figures are surpluses) Year 2007 2008 2009 2010 2011 Potential Nominal GDP O248 billion O262 billion O 413 billion O 348 billion 14,449 14,981 15,310 15,647 16.134 Actual Nominal GDP 14,478 14,719 14,419 14,964 15,518 Shortfall in Output -29 262 892 682 616 Tax Rate 25% 25% 25% 25% 25% What was the structural budget deficit in 2008? Actual Budget Deficit (Minus Automatic Stabilizors) 183 413 1,063 877 891 Cyclical Budget Deficit S 66 154 Structural Budget Deficit 190 707 Actual Budgot Deficit % of GDP 1.26% 5.86% 5.74%
Answer the following three (3) questions on the basis of the following information about a hypothetical economy: Full-time workers 175.2 million Part-time workers 39.0 million Unemployed workers ("actively seeking..") 10.8 million "Discouraged workers" 5.0 million Retirees 38.0 million "Underground economy" 1.0 million TOTAL POPULATION 350 million Question 31 The unemployment rate is: O 5.5% O 4.5% O 6.3% O 4.8% Question 32 If "discouraged workers" were included in the calculations, what would the unemployment rate be? O 7.6% O 6.8% O 7.0% O 7.2%
Productivity is defined as O 1) output per person. O 2) output per unit of capital. 3) output per unit of technology. O 4) output per hour of work. O 5) output per unit of full-time employment. 身

D Question 14 Suppose for the country of Joshua-land, the annual inflation rate is 7%, the population growth is 5% per year while GDP increases by 2% per year. How long would it take for the country to double its GDP? O 7 years O 14 years 35 years O Never Question 15 For the previous question, how long would it take Joshua-land to double its GDP capita? per O 7 years O 14 years O 35 years Never Question 16 For Joshua land, how long would it take for prices to double? O 7 years O 10 years 35 years O Not enough information
Q2. d) Suppose the economy is initially in a steady state. What happens to the level of output per worker (y) and to the growth rate of aggregate capital ( K ) if the population growth (n ) decreases? Select one: O a. The level of output per worker decreases and the growth rate of aggregate capital decreases b. The level of output per worker decreases and the growth rate of aggregate capital increases O C. The level of output per worker increases and the growth rate of aggregate capital increases O d. The level of output per worker increases and the growth rate of aggregate capital decreases

SEE MORE QUESTIONS

Recommended textbooks for you

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…

Economics

ISBN:

9781259290619

Author:

Michael Baye, Jeff Prince

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS