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Discuss that statement and its relevance to the economy

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Reference no: EM13340085

1. In late 2010 economists were debating whether the U.S. economy was in a recession. GDP seemed to be rising, yet the unemployment rate was stuck at close to 10 percent. In thinking about the economic distress experienced during a recession which is the most important: high unemployment or falling GDP? Defend your answer.

2. When an inefficient firm or a firm producing a product that people no longer want goes out of business, people are unemployed,but that is part of the normal process of economic growth and development. The unemployment is part of the natural rate and need not concern policy makers. Discuss that statement and its relevance to the economy today.

Reference no: EM13340085

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