Economics Final
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| What is the Labor Force? How is it calculated? | Consists of people who are employed and unemployed. (=employed + unemployed)
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| What is the Unemployment Rate? How is it Calculated? | 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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| What are the shortcomings of the Unemployment rate? | 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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| What is the classical market's approach to employment? | 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? | The classical labor market is free to adjust according to the "forces of supply and demand" --- Therefore, there is no involuntary unemployment: everyone who wants a job, gets a job.
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| What is Keynesian Unemployment? Why is there unemployment from the Keynesian viewpoint? | Keynesian unemployment is unemployment due to a lack of spending (a lack of aggregate demand).
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| What would Keynes say happens when wages are reduced? | If we lower wages, we lower spending.
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| What is the business cycle? | Cycle that measures Output (GDP), the rate of unemployment, and the rate of inflation over a certain period of time.
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| How do Output, Unemployment, and inflation behave on the course of a business cycle? |
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