Answered: Justify your answer if true, false or…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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Justify your answer if true, false or uncertain. Use graphics or models to sustain explanations:

1. During Covid-19 pandemic, Chilean unemployment rate peaked at 13.1% in May 2020 and then declined to 7.1% in October 2021. Decline in unemployment rate to pre-pandemic levels means that economy recovered all employment losses from pandemic.

2. A fall in copper’s price (Chile's main export product) hurts Chile's real GDP growth

Expert Solution

Step 1: Define key term:

Unemployment Rate:

The unemployment rate is a percentage that represents the proportion of people in the labor force who are actively seeking employment but are unable to find it.

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