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