Economics Final
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What is the Labor Force? How is it calculated? | show 🗑
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show | The percentage of people in the labor force that don;t have jobs but are actively seeking work.
=[Unemployed/(Unemployed + Employed)]
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show | Underestimates the true rate by:
-Not counting discouraged workers
-Counting involuntarily part time employees
-Ignores labor underutilization (people with high qualifications take up low-skilled jobs due to lack of jobs)
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show | Presumes employment is determined by the supply and demand for workers
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What is the classical market's predictions on the unemployment rate? | show 🗑
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show | Keynesian unemployment is unemployment due to a lack of spending (a lack of aggregate demand).
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show | If we lower wages, we lower spending.
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What is the business cycle? | show 🗑
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How do Output, Unemployment, and inflation behave on the course of a business cycle? | show 🗑
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