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Example of Impact of High Unemployment on National Welfare

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Does a high rate of unemployment hurt anyone other than those individuals unemployment? Explain.

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Solution Summary

Discusses the effects of unemployment on different individuals.

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In purely economic terms yes it does hurt other than those who are unemployed. The biggest reason is that a high unemployment rate reduces your available resources and thus reduces the amount that a nation can produce.

A simple example will explain this: Suppose there are two countries that both produce a single good, say apples, using just ...

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