Econ 204 Topic 6
... understand unemployment in Canada: Employed – adult workers (over 15) who have a job (regardless of hours), are off work due to illness, vacation, or industrial dispute Unemployed – workers who were available for work and made an effort to find a job during the previous 4 weeks, or who were availabl ...
... understand unemployment in Canada: Employed – adult workers (over 15) who have a job (regardless of hours), are off work due to illness, vacation, or industrial dispute Unemployed – workers who were available for work and made an effort to find a job during the previous 4 weeks, or who were availabl ...
The Business Cycle
... Output - Value of goods and services produced Jobs - Levels of employment and unemployment Prices - Average price of goods and services Growth - Year-to-year expansion in production International balances - International value of the dollar; trade and payments balances with other ...
... Output - Value of goods and services produced Jobs - Levels of employment and unemployment Prices - Average price of goods and services Growth - Year-to-year expansion in production International balances - International value of the dollar; trade and payments balances with other ...
Economics Principles and Applications - YSU
... Source: National Bureau of Economic Research and Minneapolis Federal Reserve Bank. Output data are in 2000 dollars ...
... Source: National Bureau of Economic Research and Minneapolis Federal Reserve Bank. Output data are in 2000 dollars ...
Exam Name___________________________________
... 8) Suppose that the money multiplier is 3. If the monetary base increases by $1 million, the quantity of money will A) decrease by $3 million. B) decrease by $300,000. C) increase by $300,000. D) increase by $3 million. Answer: D ...
... 8) Suppose that the money multiplier is 3. If the monetary base increases by $1 million, the quantity of money will A) decrease by $3 million. B) decrease by $300,000. C) increase by $300,000. D) increase by $3 million. Answer: D ...
(Y*).
... • Potential output depends upon: – the level of technology – the quantities of labour demanded and supplied in the long-run, when the labour market is fully adjusted – When wages and prices are fully flexible, output is ...
... • Potential output depends upon: – the level of technology – the quantities of labour demanded and supplied in the long-run, when the labour market is fully adjusted – When wages and prices are fully flexible, output is ...
Notes on Classical Economics
... are sensitive to the sample period chosen. In other words, this is no ‘biggie’ in terms of a weakness in the theory according to the RBC theorists. 2) Average labor productivity is “too” procyclical in the RBC theory – that is, in reality, average labor productivity is weakly procyclical. RBC theori ...
... are sensitive to the sample period chosen. In other words, this is no ‘biggie’ in terms of a weakness in the theory according to the RBC theorists. 2) Average labor productivity is “too” procyclical in the RBC theory – that is, in reality, average labor productivity is weakly procyclical. RBC theori ...
ABOUT THE EXAM Multiple Choice Questions—two thirds of total
... along the SRAS; for example, increased A D brings about increased GDP and thus reduced unemployment, but also brings about an increase in the inflation rate. The short-run Phillips Curve will shift left i f there is a shift rightward o f the SRAS curve, and it will shift right i f the SRAS shifts le ...
... along the SRAS; for example, increased A D brings about increased GDP and thus reduced unemployment, but also brings about an increase in the inflation rate. The short-run Phillips Curve will shift left i f there is a shift rightward o f the SRAS curve, and it will shift right i f the SRAS shifts le ...
PDF
... employment of female labor force. Tourism provides employment of people with different degrees of expertise. Namely, it includes people involved in the manufacturing process that directly provides the service (waiters, maids, etc.), those working in various technical processes (chefs, confectioners, ...
... employment of female labor force. Tourism provides employment of people with different degrees of expertise. Namely, it includes people involved in the manufacturing process that directly provides the service (waiters, maids, etc.), those working in various technical processes (chefs, confectioners, ...
Name 1 In The General Theory of Employment, Interest, and Money
... The inflation that tends to occur when unemployment is below the natural rate is called A. expected inflation. B. wage inflation. C. demand-pull inflation. D. cost-push inflation. ...
... The inflation that tends to occur when unemployment is below the natural rate is called A. expected inflation. B. wage inflation. C. demand-pull inflation. D. cost-push inflation. ...
Why should an MBA student, study Macroeconomics
... Unemployment Rate [The ratio of those who are interested in gainful employment but do not have jobs to total labor force] varies for year to year. We are interested in leaning: – what determines the long run output and employment ...
... Unemployment Rate [The ratio of those who are interested in gainful employment but do not have jobs to total labor force] varies for year to year. We are interested in leaning: – what determines the long run output and employment ...
Chapter 51: Types and causes of unemployment (2.3)
... Labourers leaving/losing one job will mostly set out to find another. This is frictional (or search) unemployment and is mostly short term. The speed with which job seekers are able to find new employment depends on their work skills and education, plus the needs of the labour market. In addition to ...
... Labourers leaving/losing one job will mostly set out to find another. This is frictional (or search) unemployment and is mostly short term. The speed with which job seekers are able to find new employment depends on their work skills and education, plus the needs of the labour market. In addition to ...
Econ 1101 Practice Questions Final Exam
... 8) What is meant by the term ʺmarginal analysisʺ? Suppose an individual has to choose between renting four apartments at different distances from his place of work. The individual has to commute to work on five days of the week and as such will require different quantities of gasoline depending on t ...
... 8) What is meant by the term ʺmarginal analysisʺ? Suppose an individual has to choose between renting four apartments at different distances from his place of work. The individual has to commute to work on five days of the week and as such will require different quantities of gasoline depending on t ...
business cycles - Cloudfront.net
... Business Cycles in the United States • The business cycle consists of two phases: expansion and recession. • Recession begins with a peak and ends ...
... Business Cycles in the United States • The business cycle consists of two phases: expansion and recession. • Recession begins with a peak and ends ...
Chapter 9
... • 2. The data from the 1973–1974 and 1979–1980 oil price shocks shows the following • a. As discussed in Chapter 3, output, employment, and the real wage declined • b. Consumption fell slightly and investment fell substantially • c. Inflation surged temporarily • d. All the above results are consist ...
... • 2. The data from the 1973–1974 and 1979–1980 oil price shocks shows the following • a. As discussed in Chapter 3, output, employment, and the real wage declined • b. Consumption fell slightly and investment fell substantially • c. Inflation surged temporarily • d. All the above results are consist ...
MACROECONOMICS
... Money demand increase will bring an inward shift. Our aggregate demand theory will include all the expenditures by consumers, businesses, government, and the rest of the world in future chapters. ...
... Money demand increase will bring an inward shift. Our aggregate demand theory will include all the expenditures by consumers, businesses, government, and the rest of the world in future chapters. ...
Document
... assumption that velocity is constant over time. Also, when interpreting this equation, recall that the quantity equation can be rewritten in terms of the supply and demand for real money balances: M/P = (M/P)d = kY, where k = 1/V is a parameter determining how much money people want to hold for ever ...
... assumption that velocity is constant over time. Also, when interpreting this equation, recall that the quantity equation can be rewritten in terms of the supply and demand for real money balances: M/P = (M/P)d = kY, where k = 1/V is a parameter determining how much money people want to hold for ever ...
New Classical Macroeconomics - College of Business and Economics
... Changes in employment reflect the voluntary choices of labor due to changes in relative real wages over time. ...
... Changes in employment reflect the voluntary choices of labor due to changes in relative real wages over time. ...
Labor Markets and Monetary Policy: A New
... Section II characterizes the decentralized equilibrium under alternative wage-setting mechanisms. As is well understood, frictions create a wage band, within which any real wage is consistent with private efficiency. Thus, we explore two alternatives. We first assume Nash bargaining. In this case, t ...
... Section II characterizes the decentralized equilibrium under alternative wage-setting mechanisms. As is well understood, frictions create a wage band, within which any real wage is consistent with private efficiency. Thus, we explore two alternatives. We first assume Nash bargaining. In this case, t ...
Examination Aids allowed
... What was the argument by President Hoover who objected to wage cuts amid the recession of the time? Why was his argument wrong? that President Herbert Hoover prevented the money wages from falling. He believed that policies to keep wage rates high would maintain workers’ level of purchasing, providi ...
... What was the argument by President Hoover who objected to wage cuts amid the recession of the time? Why was his argument wrong? that President Herbert Hoover prevented the money wages from falling. He believed that policies to keep wage rates high would maintain workers’ level of purchasing, providi ...
Open Economy Macroeconomics: Basic Concepts
... Supplemental readings: In addition to the textbook, students will frequently be assigned other reading relating to the current unit of study. Students will often be required to be prepared to discuss and/or apply the readings to other activities within the course. Vocabulary Flash Cards: vocabulary ...
... Supplemental readings: In addition to the textbook, students will frequently be assigned other reading relating to the current unit of study. Students will often be required to be prepared to discuss and/or apply the readings to other activities within the course. Vocabulary Flash Cards: vocabulary ...
Full employment
Full employment, in macroeconomics, is the level of employment rates where there is no cyclical or deficient-demand unemployment. It is defined by the majority of mainstream economists as being an acceptable level of unemployment somewhere above 0%. The discrepancy from 0% arises due to non-cyclical types of unemployment, such as frictional unemployment (there will always be people who have quit or have lost a seasonal job and are in the process of getting a new job) and structural unemployment (mismatch between worker skills and job requirements). Unemployment above 0% is seen as necessary to control inflation in capitalist economies, to keep inflation from accelerating, i.e., from rising from year to year. This view is based on a theory centering on the concept of the Non-Accelerating Inflation Rate of Unemployment (NAIRU); in the current era, the majority of mainstream economists mean NAIRU when speaking of ""full"" employment. The NAIRU has also been described by Milton Friedman, among others, as the ""natural"" rate of unemployment. Having many names, it has also been called the structural unemployment rate.The 20th century British economist William Beveridge stated that an unemployment rate of 3% was full employment. Other economists have provided estimates between 2% and 13%, depending on the country, time period, and their political biases. For the United States, economist William T. Dickens found that full-employment unemployment rate varied a lot over time but equaled about 5.5 percent of the civilian labor force during the 2000s. Recently, economists have emphasized the idea that full employment represents a ""range"" of possible unemployment rates. For example, in 1999, in the United States, the Organisation for Economic Co-operation and Development (OECD) gives an estimate of the ""full-employment unemployment rate"" of 4 to 6.4%. This is the estimated unemployment rate at full employment, plus & minus the standard error of the estimate.The concept of full employment of labor corresponds to the concept of potential output or potential real GDP and the long run aggregate supply (LRAS) curve. In neoclassical macroeconomics, the highest sustainable level of aggregate real GDP or ""potential"" is seen as corresponding to a vertical LRAS curve: any increase in the demand for real GDP can only lead to rising prices in the long run, while any increase in output is temporary.