Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 24, Problem 6IAPA
To determine
To find:
The events that would increase potential
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Comment on the following statement. Analyze from an economic standpoint. Do you agree or disagree?a) Rising productivity means that it takes fewer workers to produce a given level of output. Productivity increases are therefore a source of unemployment“.b) It is impossible that you are worse off with a wage increase than you were before it“.
1. Over the news, we have seen the exodus of unemployed migrant workers. They brought stories of struggles and sorrows on the future of their families. Most of the returning Overseas Foreign Workers (OFW) are the bread-winners of their families. Now they are unemployed they have to tighten their belts to make both ends meet. However, we have not heard much about the senior citizens who are the more vulnerable sector of society. With prices going up and a general advisory for them to refrain from going outside their quality of life is deteriorating. Therefore discuss what are the economic impacts of the current situation that posed problems/challenges to senior citizens.
In December 2021, a small island country has an adult population of 20,000. The number of employed is 9,000 and the number of unemployed is 1,000.
(a) Find the unemployment rate and the labor-force participation rate.
(b) In June 2022, a foreign bank opens a branch in the capital of the country and hires 700 students who graduated from college in May 2022. In July 2022, a local company decides to close its factory laying off 3,000 workers. 600 of them find jobs in other industries, 2,000 spend three months looking for a job but get discouraged and decide to stay home and wait for better economic conditions, and as of December 2022 the remaining 400 have not found a job yet but are actively searching. Find the official unemployment rate and the labor-force participation rate in December 2022 if the only change in the adult population during the year was the tragic loss of 200 non-working retirees and 10 crew members in a local plane crash.
Chapter 24 Solutions
Foundations of Economics (8th Edition)
Ch. 24 - Prob. 1SPPACh. 24 - Prob. 2SPPACh. 24 - Prob. 3SPPACh. 24 - Prob. 4SPPACh. 24 - Prob. 5SPPACh. 24 - Prob. 6SPPACh. 24 - Prob. 7SPPACh. 24 - Prob. 8SPPACh. 24 - Prob. 9SPPACh. 24 - Prob. 10SPPA
Ch. 24 - Prob. 11SPPACh. 24 - Prob. 1IAPACh. 24 - Prob. 2IAPACh. 24 - Prob. 3IAPACh. 24 - Prob. 4IAPACh. 24 - Prob. 5IAPACh. 24 - Prob. 6IAPACh. 24 - Prob. 7IAPACh. 24 - Prob. 8IAPACh. 24 - Prob. 9IAPACh. 24 - Prob. 1MCQCh. 24 - Prob. 2MCQCh. 24 - Prob. 3MCQCh. 24 - Prob. 4MCQCh. 24 - Prob. 5MCQCh. 24 - Prob. 6MCQCh. 24 - Prob. 7MCQCh. 24 - Prob. 8MCQ
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