EBK MACROECONOMICS (FOURTH EDITION)
4th Edition
ISBN: 9780393616125
Author: Jones
Publisher: YUZU
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Chapter 7, Problem 5RQ
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EBK MACROECONOMICS (FOURTH EDITION)
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- Would you expect the natural rate of unemployment to remain the same within one country over the long run of several decades?arrow_forwardWould you expect the natural rate of unemployment to be roughly the same in different countries?arrow_forwardIn 1929 the US had an unemployment rate of approximately 3.2%, or 1.6 million people unemployed, yet most economists suggest we were at full employment. What do economists mean by "full employment"?arrow_forward
- What is happening to unemployment in the US economy?arrow_forwardWhy should the unemployment rate matter to employers?arrow_forwardEconomists use labour-market data to evaluate how well an economy is using its most valuable resource— its people. Two closely watched statistics are the unemployment rate and the employment-population ratio. Explain what happens to each of these in the following scenarios. In your opinion, which statistic is the more meaningful gauge of how well the economy is doing? a. An auto company goes bankrupt and lays off its workers, who immediately start looking for new jobs. b. After an unsuccessful search, some of the laid-off workers quit looking for new jobs. c. Numerous students graduate from college but cannot find work. d. Numerous students graduate from college and immediately begin new jobs. e. A stock market boom induces newly enriched 60-year-old workers to take early retirement. f. Advances in healthcare prolong the life of many retireesarrow_forward
- What are the personal, economic and social consequences of unemployment?arrow_forwardWhen the unemployment rate rises, why is the problem even worse than the number indicates?arrow_forwardUnemployment is a major concern for the United States and across industrialized nations. But what is the unemployment rate in the United States? For this week’s discussion, do some research about the US unemployment rate. Does the percentage surprise you? Why or why not? Is it a higher or lower percentage than you thought?arrow_forward
- In his song “Allentown,” Billy Joel sings about the demise of the steel and coal industries in Pennsylvania. Why do you think the loss of manufacturing jobs was so difficult on the workers in areas like Allentown and parts of the Midwest where manufacturing was once the largest employer? What type of unemployment is the song about?arrow_forwardWhen the economy is at full employment, will the unemployment rate be 0%? Explain briefly When the unemployment rate equals the natural rate of unemployment, what kinds of unemployment will continue to exist.arrow_forward
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