Economics: Private and Public Choice
16th Edition
ISBN: 9781337642224
Author: James D. Gwartney; Richard L. Stroup; Russell S. Sobel
Publisher: Cengage Learning US
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Chapter 8, Problem 11CQ
To determine
Identify the relevance of the proposal and influence of the policy and its impact.
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Economics: Private and Public Choice
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- During the initial months of the COVID pandemic, the number of unemployed people in the State of Illinois peaked at 1,108,211 in April 2020. By December 2021, the number of unemployed in Illinois had dropped down to 324,510 people. What is the overall percent decrease in the number of unemployed people in Illinois from April 2020 to December 2021? Please round your answer the nearest percent. Show your work.arrow_forwardSince the United States has an unemployment compensation program that provides income for those out of work, why should we worry about unemployment?arrow_forwardExamine the many forms of unemployment (frictional, structural, and cyclical) and the effects each has on businesses. Are any of the three categories of unemployment inadequate? Explain.arrow_forward
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- A friend and fellow student shares her employment experience over the last 12-week summer break. It took her one full week to find a job. She started on the first day of week two and was able to keep her job for the remaining eleven weeks. Use this information to answer the following three questions, assuming the unemployment rate is not changing: 1. Calculate the rate of job finding (f) for the summer, using an average rate per week. Enter this value in the box below. Note that if fis the rate of job finding, then the average spell of unemployment is (1/f). The value of fis: 1 2. Calculate the rate of job separation (s), using an average rate per week. Enter this value into the box below. Note that if s is the rate of job separation, then the average length of employment is (1/s). The value of s is: 11arrow_forwardPresent three major arguments of those who believe that IT will result in massive unemployment.arrow_forwardWhy is the unemployment rate amongst the Native Americans so high? Provide the relevant data and an explanation of this phenomenon.arrow_forward
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