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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

What is the state of the labor market when the economy is in a recessionary gap? In an inflationary gap?

To determine

Explain that labor market when the economy is in recessionary gap and in an inflationary gap.

Explanation

In this case, if the economy is in the recessionary gap, then the level of output is less than the full employment level. This indicates that the economy utilizes the lower level of labor force than the full employment level. Thus, there is a surplus in the labor market...

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