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Chapter 7: b (page 148)

Why do you suppose that many economists argue that unemployment would drop if people developed stronger critical-thinking, writing, and science and mathematics skills that can be applied to a wider range of job tasks?

Short Answer

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Unemployment would drop if people developed stronger critical thinking, writing, and science and mathematics skills that can be applied to a wider range of job tasks and any innovative up-gradation won't prompt high joblessness in a country.

Step by step solution

01

introduction

Routine positions incorporate positions that utilise fewer abilities and utilize straightforward guidelines to perform errands.

02

explanation

It is seen that with the approach of innovation and development organizations are persistently dislodging workers who can't coordinate with the mechanical up-gradation. Hence, to support and additionally secure new positions in the changing climate workers actually must foster more grounded decisive reasoning, composing, science and math abilities which will empower them to adjust quicker to underlying changes.

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Most popular questions from this chapter

Consider the following price indexes: 90 in 2017, 100 in 2018,110 in 2019, 121 in 2020, and 150 in 2021. Answer the following questions.

a. Which year is likely the base year?

b. What is the inflation rate from 2018 to 2019?

c. What is the inflation rate from 2019 to 2020?

d. If the cost of a market basket in 2018 is 2,000$, what is the cost of the same basket of goods and services in 2017? In 2021?

Currently, the price index used to calculate the inflation rate is equal to 90. The general expectation throughout the economy is that next year its value will be 99. The current nominal interest rate is 12 per cent. What is the real interest rate?

Describe how price indexes are calculated and define the key types of price indexes

During the course of a year, the labour force consists of the same 1,000 people. Employers have chosen not to hire 20 of these people in the face of government regulations making it too costly to employ them. Hence, they remain unemployed throughout the year. At the same time, every month during the year, 30 different people become unemployed, and 30 other different people who were unemployed find jobs.

a. What is the frictional unemployment rate?

b. What is the unemployment rate?

c. Suppose that a system of unemployment compensation is established. Each month, 30 new people (not including the 20 that employers have chosen not to employ) continue to become unemployed, but each monthly group of newly unemployed now takes two months to find a job. After this change, what is the frictional unemployment rate?

d. After the change discussed in part (c), what is the unemployment rate?

Suppose that in 2019 there is a sudden, unanticipated burst of inflation. Consider the situations faced by the following individuals. Who gains and who loses?

a. A homeowner whose wages will keep pace with inflation in 2019 but whose monthly mortgage payments to a savings bank will remain fixed

b. An apartment landlord who has guaranteed to his tenants that their monthly rent payments during 2019 will be the same as they were during 2018

c. A banker who made an auto loan that the auto buyer will repay at a fixed rate of interest during 2019

d. A retired individual who earns a pension with fixed monthly payments from her past employer during 2019
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