2. In the shadow of the 2008 financial crisis, economists in 2010 were debating whether the Philippine economy was in a recession. GDP seemed to be rising, yet the unemployment rate was stuck at a high level. In thinking about the economic distress experienced during a recession, which is more important to address and why: high unemployment or falling GDP? Explain. You can only choose one.

2. In the shadow of the 2008 financial crisis, economists in 2010 were debating whether the Philippine economy was in a recession. GDP seemed to be rising, yet the unemployment rate was stuck at a high level. In thinking about the economic distress experienced during a recession, which is more important to address and why: high unemployment or falling GDP? Explain. You can only choose one.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 4SCQ: Without looking at Table 19.7, return to Figure 19.10. If we define a recession as a significant...

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