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ECON 2102 Midterm Short Answers-2.docx

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ECON 2102

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ECON 2102 Midterm Short Answers1ai Labour force is the sum of employed and unemployed adult population ii Unemployment rate is the percentage of the labour force that is unemployed iii Labourforce participation rate is the percentage of the adult population that is in the labour forcebi Labour forceEmployedUnemployed191057 thousandsiiUnemployment rateunemployedlabour force100693iiiLFPRLabour forcePopulation1006642a The marginal propensity to consume MPC measures the change in consumption when disposable income changes by 1 unit MPC03 in the given consumptio
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