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- A key difference between the original Keynesian and New Keynesian approaches to the labour market , is that in the original model , nominal or money wages , are while in the New model , nominal wages areAnalyse how a Neoclassical version of the labour market would indicate that, in equilibrium, all unemployment is voluntary, and how, assuming imperfect competition instead, would account for the existence of some involuntary unemployment.If technological change increases structural unemployment, why do most governments and economists encourage such change?
- Discuss classical theory of unemploymentWhat are the assumptions of the classical theory of employment in the economySelect all that apply to the classical view of economics: A. Assumes flexible price and wages B. Savings depends on interest rates C. Investment depends on interest rates D. Investment depends on profit expectations E. Wait for Long Run
- By offering more generous unemployment insurance programs, European countries can expect to pay less in taxes than in the United States. workers to gain new skills quickly in response to fluctuations in the labor market. shorter periods of unemployment for their workers. longer periods of unemployment for their workers.In 2009, Papua New Guinea had an estimated natural rate of unemployment equal to 4.7% and an actual unemployment rate equal to 4.3%. What was the size of cyclical unemployment?differences between the mainstream/New Keynesian and the Post-Keynesian theory of medium run unemployment indicated by the NAIRU (non-accelerating inflation rate of unemployment)? What are the key policy implications of these theories in tackling unemployment?
- The part of the business cycle in which output, or Real GDP, increases and cyclical unemployment decreases is theExplain how each of the following events or policies will affect unemployment in a neoclassical model: tax cut for consumers a rise in business confidence that increases investment a fall in export sales to a major trading partner a rise in income levels for consumers throughout the economy cheaper imported products a fall in government spendingAssume that the federal government increases unemployment compensation, which of the following is the correct adjustment on the Phillips Curve Graph?