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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Yvonne is telling her friend Wendy that wages are rising and so is the unemployment rate. She tells Wendy that she (Yvonne) may be the next person to be fired at her company and that she may have to move back in with her parents. What does the economy have to do with Yvonne’s possibly having to move back in with her parents?

To determine

Explain the situation of increase in wage and increase in unemployment.

Explanation

In an economy, if the wage rate decreases, then the unemployment rate increases. This leads to a rise in the inflationary gap in an economy. The economy is a self-regulating one, and hence it tries to move from an inflationary gap...

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