Answered: Your country's economy experienced a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Your country's economy experienced a rise in the rate of unemployment in 2013 - 2014. I. Explain the difference between cyclical unemployment and structural unemployment. II. Assume in the late 2013 and early 2014, your country's economy experienced lower rates of economic growth. Identify an industry sector within your economy that has been affected by this slowdown. III. Outline one demand-side factor and one supply-side factor that may have contributed to the effect on this industry sector. IV. Describe one example of discretionary budgetary policy that could be implemented to lower the rate of structural unemployment. V. Explain how one immigration policy and one microeconomic reform policy might operate to raise a country's productive capacity and increase rate of economic growth.

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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