Principles of Economics (12th Edition)
12th Edition
ISBN: 9780134079271
Author: CASE
Publisher: PEARSON
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Question
Chapter 30, Problem 4.2P
To determine
Three slippages between changes in output and changes in the
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Suppose that the unemployment rate is equal to the natural rate of unemployment. Which of the following is true?
a.
The economy has a full employment.
b.
Cyclical unemployment is negative.
c.
Frictional unemployment becomes zero.
d.
The economy is in recession.
Identify the point or points for which the following is true: The economy is exhibiting inefficient production or unemployment
Suppose that the productivity of labor fell and that real wages were fixed (at least in short-run). Predict what would happen to equilibrium real wage, the equilibrium quantity of labor, and unemployment rate (relative to the natural rate).
Chapter 30 Solutions
Principles of Economics (12th Edition)
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- Some politicians have suggested tying the minimum wage to the consumer price index (CPI). Using the AD/AS diagram, what effects would this policy most likely have on output, the price level, and employment?arrow_forwardWhen there is an inflationary gap, current real GDP is __________ potential real GDP, and the current unemployment rate is __________ the natural unemployment rate. A.greater than; less than B.greater than; greater than C.greater than; equal to D.less than; greater thanarrow_forward
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