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Test Bank for Exam 2 Macroeconomics 11th Edition by N. Gregory Mankiw $10.49   Add to cart

Exam (elaborations)

Test Bank for Exam 2 Macroeconomics 11th Edition by N. Gregory Mankiw

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  • Course
  • Macroeconomics
  • Institution
  • Macroeconomics

Test Bank for Exam 2 Macroeconomics 11th Edition by N. Gregory Mankiw

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  • August 9, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Macroeconomics
  • Macroeconomics
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AllLegitExams
Exam 2 Macroeconomics

Unemployed - ANSAvailable for work but is not working, and is looking for a job.

Labor force - ANSThe sum of employed and unemployed workers in the economy.

Unemployment rate - ANSThe percentage of the labor force that is unemployed

Discouraged workers - ANSPeople who are available for work but have not looked for a job
during the previous four weeks because they believe no jobs are available for them

Labor force participation rate - ANSThe percentage of the working age population in the labor
force

Frictional unemployment - ANSShort term unemployment that arises from the process of
matching workers with jobs

Cyclical unemployment - ANSUnemployment caused by a business cycle recession

Natural rate of unemployment - ANSThe normal rate of unemployment consisting of frictional
unemployment and structural unemployment

Efficiency wage - ANSAnd above market wage that a firm pays to increase workers productivity

Consumer price index - ANSA measure of the average change over time in the prices of a
typical urban family of four pays for the goods and services they purchase

Price level - ANSA measure of the average prices of goods and services in the economy

Inflation rate - ANSThe percentage increase in the price level from one year to the next

Producer price index - ANSAn average of the prices received by producers of goods and
services at all stages of the production process

Nominal interest rate - ANSThe stated interest rate on a loan

Real interest rate - ANSThe nominal interest rate minus the inflation rate

Deflation - ANSA decline in the price level

Menu costs - ANSThe costs to firms of changing prices

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