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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Using the definition of the unemployment rate, is an increase in the unemployment rate necessarily a bad thing for a nation?

To determine

Whether an increase in unemployment rate necessarily a bad thing for a nation.

Explanation

Unemployment rate is the proportion of people unemployed in the economy as a percentage of number of people in the labor force. The formula for calculating unemployment rate is given below.

To define unemployment, we say that, unemployment refers to the situation where people in the working age population (aged 16-59) are willing and able to work but cannot find work.

The unemployment rate is a measure of the state of joblessness in the economy. Unemployment is a misery for the nation as a whole. When unemployment rate increases, it shows that the number of people unemployed (as a percentage of labor force) increases...

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