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Economic Issues and Policy 5th Edition by Jacqueline Murray Brux
Edition 5ISBN: 9780538750875Economic Issues and Policy 5th Edition by Jacqueline Murray Brux
Edition 5ISBN: 9780538750875 Exercise 2
Unemployment imposes serious hardship on out-of-work individuals and their families. What are the costs of unemployment to society as a whole (Keep in mind the production possibilities curve.)
Explanation
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Unemployment poses serious hardship on out-of-work individuals and their families and it even costs a lot to the society as a whole.
If unemployment persists in a society then some resources may go unused, factories remain idle and workers are laid off and resources are not used in the most efficient manner. Therefore output and the income reduce in the society as a whole and this situation goes inside the Production Possibility Curve and further increases unemployment.
If unemployment persists in a society then some resources may go unused, factories remain idle and workers are laid off and resources are not used in the most efficient manner. Therefore output and the income reduce in the society as a whole and this situation goes inside the Production Possibility Curve and further increases unemployment.
Economic Issues and Policy 5th Edition by Jacqueline Murray Brux
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