Suppose that the supply of fossil fuels like coal and petroleum will become more and more scarce in the next fifty years. With a growing global demand for energy and the looming threat of rising...

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Suppose that the supply of fossil fuels like coal and petroleum will become more and more scarce in the next fifty years. With a growing global demand for energy and the looming threat of rising global temperatures, it would seem to be a recipe for a dramatic decrease in the growth rate of economic activity. Why do many economists believe that economies can continue to grow even in the face of resource scarcity?Some economists argue that the official unemployment rate understates the true level of unemployment. Summarize these arguments.
Answered Same DayDec 20, 2021

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David answered on Dec 20 2021
3 Votes
1) b) Some economists argue that the official unemployment rate understates the true
level of unemployment in the economy. This is due to the fact that official unemployment rate
takes into account the percentage of civilian labour force who are 16 years old or more and not
engaged in economic activities but are actively searching for a job i.e. the unemployed are ready
to work at the cu
ent wage rate but do not find jobs because the number of vacancies are less
than the number of applications. The official unemployment rate does not take into account
discouraged workers and part time workers and so...
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