Unemployment is an economic problem because of the concept of (o 2. Quite apart from any idea of consideration for others, unemployment is economic waste: A unit of labor resource 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 gap is that what is not produced – the amount represented by the gap-is lost forever. Moreover, to the extent that this lost production represents capital goods, the potential production for the future is impaired. Future economic growth will be (more, less).
Unemployment is an economic problem because of the concept of (o 2. Quite apart from any idea of consideration for others, unemployment is economic waste: A unit of labor resource 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 gap is that what is not produced – the amount represented by the gap-is lost forever. Moreover, to the extent that this lost production represents capital goods, the potential production for the future is impaired. Future economic growth will be (more, less).
Chapter1: Making Economics Decisions
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Transcribed Image Text:Unemployment is an economic problem because of the concept of (o
2. Quite apart
from any idea of consideration for others, unemployment is economic waste: A unit of labor
resource 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 gap
is that what is not produced – the amount represented by the gap is lost forever. Moreover, to
the extent that this lost production represents capital goods, the potential production for the future
is impaired. Future economic growth will be (more, less).
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