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Running Head: ECONOMICS
1
Economics
Name
Instructor
Course
Date
ECONOMICS
2
Economics
Question 1
In Quebec, the population increased by 6100 while the labor force decreased by 22,800.
The rates of employment decreased by 0.2% while the unemployment rate decreased by 0.2%.
Apparently, the decrease in the rate of unemployment was a result of the decrease in labor force.
In Nova Scotia, the population increased by 400 while the labor force decreased by 900. The
rates of employment increased by 0.3% while the unemployment rate decreased by 0.7%.
Decline in unemployment rate shows increased stability in the economy. Where the percentage
of unemployed people is low, economic growth increases (Raphael, 2001). The decrease in
unemployment will enable the government to use the resources available in creating more jobs.
Also low levels of unemployment reduce the chances of inflation in the economy. In addition, it
means that the resources in the nation are fully utilized, and in the long run it will result in full
employment where all resources will be fully employed in production. A decline in the
unemployment rate indicates high rates of inv...