Paragraph 1. Unemployment Rates and Human Capital. Why might an increase of the minimum wage in the United States impact unemployment rates? How might earning a college degree increase lifetime earnings and employability? Relate your answer to elasticity of labor demand.
Paragraph 2. G.D.P. and Recession. What is “Gross Domestic Product” (G.D.P.), and how is it determined each month? What does the term “recession” mean and how do we know when one occurs? How does government intervene to move an economy out of a recession?
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