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MGEA06H3 Lecture Notes - Lecture 5: Frictional Unemployment, Nairu, National Research Universal Reactor

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School
UTSC
Department
Economics for Management Studies
Course
MGEA06H3
Professor
Iris Au

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MGEA06H3 Full Course Notes
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MGEA06H3 Full Course Notes
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Fiscal policy as an automatic stabilizer and the as-ad. 1 you can interpret the term full employment as. Good/productive workers find it easy to find a job. Young/inexperienced workers find it easy to find their first job. Old workers are not forced out of the labour force if they lose their jobs (i. e. , no discouraged workers). www. notesolution. com (cid:222) (cid:222) (cid:222) Ecma06 fiscal policy and the as-ad model: full employment does not mean that everyone is working because. Frictional unemployment unemployment that results from the turnover in the labour market as workers move between jobs. Structural unemployment long-term and chronic unemployment arising from imbalances between the skills and other characteristics of workers in the market and the needs of employers. The labour market is dynamic (people constantly move in and out of the labour market). There are frictions in the economy (some industries/regions expand while some industries/regions contract) www. notesolution. com (cid:222) (cid:222) (cid:222) (cid:222)

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Related Questions

The rate of unemployment when the economy is at its potential output is called ______________.

a. Structural rate of unemployment

b. Frictional rate of unemployment

c. Natural rate of unemployment

d. Full-employment rate of unemployment

The fundamental objective of monetary policy is to assist the economy in achieving:

  1. A rapid pace of economic growth
  2. A money supply which is based on the gold standard
  3. A full-employment, noninflationary level of total output
  4. A balanced-budget consistent with full-employment

1. Real GDP is a measure of the economy's

A) unemployment level.

B) output level.

C) stock market level.

D) inflation rate.

2. The two major macroeconomic policies of the government are

A) fiscal policy and industrial policy.

B) monetary policy and tariff policy.

C) foreign policy and defense policy.

D) fiscal policy and monetary policy.