Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Year Unemployment rate Minimum wage 1965 3.95 6.4 1966 3.38 6.3 1967 3.83 6.5 1968 4.53 6.6 1969 4.42 7.3 1970 5.67 7.6 1971 6.2

Year Unemployment rate Minimum wage
1965 3.95 6.4
1966 3.38 6.3
1967 3.83 6.5
1968 4.53 6.6
1969 4.42 7.3
1970 5.67 7.6
1971 6.2 8.3
1972 6.23 8.4
1973 5.57 8.7
1974 5.33 9.1
1975 6.92 9.6
1976 7.08 10.1
1977 8.06 9.8
1978 8.38 9.3
1979 7.55 9
1980 7.55 8.5
1981 7.63 8.2
1982 11.03 7.8
1983 12.03 7.4
1984 11.35 7.3
1985 10.52 7.3
1986 9.6 7.1
1987 8.83 7.1
1988 7.77 7.2
1989 7.57 7.3
1990 8.15 7.3
1991 10.32 7.2
1992 11.19 7.7
1993 11.4 7.8
1994 10.42 8.1
1995 9.51 8.2
1996 9.61 8.3
1997 9.12 8.2
1998 8.28 8.2
1999 7.59 8.2
2000 6.82 8.1
2001 7.22 8
2002 7.67 7.9
2003 7.58 7.8
2004 7.19 7.8
2005 6.76 7.9
2006 6.47 8
2007 6.17 8.1
2008 6.29 8.4
2009 8.45 8.9
2010 8.18 9.3
2011 7.63 9.3
2012 7.4 9.5
2013 7.15 9.5
2014 7.03 9.6
2015 6.94 9.7
2016 7.03 9.9
2017 6.42 10.1
2018 5.84 11.1
2019 5.69 11.3
2020 9.69 11.5
2021 7.54 11.4

i) Plot the unemployment rate and the minimum wage for Canada between 1965 and 2021 in the same graph (7 Points)

Answer:

(ii) Using the same graph, discuss if there is a negative or positive relationship between the minimum wage and the unemployment rate. (3 Points)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Macroeconomics

Authors: N Gregory Mankiw

9th Edition

1464182892, 9781464182891

More Books

Students also viewed these Economics questions

Question

1. Effort is important.

Answered: 1 week ago