Refer to the information provided in Table below to answer the questions that follow.Employed148,297Unemployed8,705What is the cost of unemployment (Explain just one point)?Why high rate of unemployment can be considered as one of biggest issues for the economy.?

Answered: What is the cost of unemployment…

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter1: The Art And Science Of Economic Analysis

Section1.A: Appendix: Understanding Graphs

Problem 1AQ

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Refer to the information provided in Table below to answer the questions that follow.

Employed	148,297
Unemployed	8,705

What is the cost of unemployment (Explain just one point)?
Why high rate of unemployment can be considered as one of biggest issues for the economy.?

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Step 1

Unemployment is a situation where a person who does not have a job is actively looked for work and is available for work but it still not able to get a job for himself or herself. They can also include people who are temporarily laid off from their jobs and are on the lookout for a new job. Unemployment is used as a medium to measure the health of an economy.

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