Economics Final
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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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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| What is Keynesian Unemployment? Why is there unemployment from the Keynesian viewpoint? | show 🗑
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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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| show |
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