Podcast
Questions and Answers
If the stat of micro health is rising/high, what is the most likely economic consequence?
If the stat of micro health is rising/high, what is the most likely economic consequence?
- Increased consumer confidence and spending.
- Increased aggregate supply of goods and services.
- Increased investment in new technologies and infrastructure.
- Under utilization of resources leading to a drop in aggregate demand. (correct)
Which of the following factors is LEAST likely to be misrepresented by standard unemployment statistics?
Which of the following factors is LEAST likely to be misrepresented by standard unemployment statistics?
- The number of individuals working multiple jobs.
- Individuals with advanced degrees working in their field of study. (correct)
- The presence of illegal economic activities.
- Individuals employed part-time who desire full-time work.
Which group is most likely to face burdens of unemployment due to the nature of their occupations?
Which group is most likely to face burdens of unemployment due to the nature of their occupations?
- Construction workers subject to demand-based projects. (correct)
- Teachers in established educational institutions.
- Software engineers in the tech industry.
- Researchers in the pharmaceutical industry.
Why might teenagers face specific challenges in the job market, contributing to higher unemployment rates?
Why might teenagers face specific challenges in the job market, contributing to higher unemployment rates?
Beyond lost income, what represents a significant human cost associated with unemployment?
Beyond lost income, what represents a significant human cost associated with unemployment?
Flashcards
Rising Micro Health
Rising Micro Health
High micro health indicates underutilization and decreased productivity, leading to a drop in aggregate demand.
Falling Micro Health
Falling Micro Health
Falling micro health indicates high utilization and productivity, which increases the aggregate demand for goods/services.
Unemployment: Education Level
Unemployment: Education Level
Unemployment disproportionately affects those with less education or training, as unskilled workers are easily replaced.
Unemployment: Occupation
Unemployment: Occupation
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Unemployment: Age Groups
Unemployment: Age Groups
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Study Notes
- Interpretation is a state of micro health
- If rising/high there is under utilization which is unproductive
- This results in a drop in aggregate demand of all goods and services
- Example: not buying or producing
- If falling/low there is high utilization which is productive
- This results in an increase in aggregate demand of all goods and services
- If rising/high there is under utilization which is unproductive
- Unemployment statistics are not completely accurate
- Statistics do not include illegal activity
- Unemployment statistics misrepresent talent (underemployed), part time workers, people with 2 jobs, overtime, and discouraged workers
- Regional demographic data such as race, gender, etc. are not included
Burdens of Unemployment
- Those less educated or trained and unskilled are easily replaced
- Occupations include demand based jobs in construction and manufacturing
- Example: blue collar worker
- Age such as teens with no skill who bolt in/out, or are "crowded out"
- Elderly have high costs and longevity
- Gender, race, and ethnicity affect access to education, upward mobility, and discrimination
- Unemployment causes human cost
- Lost income, confidence, well-being, and life
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