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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

Describe the relationship of the (actual) unemployment rate to the natural unemployment rate in each of the following economic states: (a) a recessionary gap, (b) an inflationary gap, and (c) long-run equilibrium.

 (a)

To determine

Estimate the relationship between the actual unemployment and natural unemployment rates in a recessionary gap

Explanation

Recessionary gap:

If an economy is in a recessionary gap, then the level of output is less t...

(b)

To determine

Estimate the relationship between the actual unemployment and natural unemployment rates in an inflationary gap.

(c)

To determine

Estimate the relationship between the actual unemployment and natural unemployment rates in the long-run equilibrium.

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