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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Which of the following figures, (a)–(c), is consistent with or representative of

  1. a. the economy operating at the natural unemployment rate?
  2. b. a surplus in the labor market?
  3. c. a recessionary gap?
  4. d. a cyclical unemployment rate of zero?

images

(a)

To determine

Estimate the graph that represents the natural unemployment rate.

Explanation

(a)

Natural unemployment rate:

Natural rate of unemployment is the rate of unemployment that prevails in an economy when the economy is in its full employment level. From the given figures, Figure-3 implies the natural employment rate...

(b)

To determine

Estimate the graph that represents the surplus in the labor market.

(c)

To determine

Estimate the graph that represents the recessionary gap.

(d)

To determine

Estimate the graph that represents the cyclical unemployment rate of zero.

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