Exam (elaborations)
ECON 3020 Final Exam Questions answers latest update
- Course
- ECON 3020
- Institution
- University Of Virginia
ECON 3020 Final Exam Questions answers latest update
[Show more]
Content preview
ECON 3020 Final Examclassical dichotomy - the assertion that in the long run, nominal variables, such as
the money supply or the price level, do not affect real variables, such as the levels
of employment and real GDP
cyclical unemployment - unemployment caused by a recession; measures as the
difference between the actual level of unemployment and the level of
unemployment when the rate of unemployment equals the natural rate of
unemployment
derived demand - demand that depends on the demand for the goods and
services that the input produces
efficiency wage - a higher-than-market wage that a firm pays to motivate workers
to be more productive
establishment (or current employment statistics) survey - monthly survey of
140,000 businesses that reports the net change in employment; there is a
constant flow of workers from employment to unemployment, even when cyclical
unemployment is zero
frictional unemployment - short-term unemployment that arises from the process
of matching the job skills of workers to the requirements of jobs
, full employment - the economy is at full employment when the cyclical
unemployment rate is zero (or the unemployment rate is at the natural rate); this
does not mean that every worker has a job
job openings and labor turnover survey (JOLTS) - survey used to measure job
flows
labor unions - organizations of workers that bargain with employers over wages
and working conditions for their members. In the United States, the National
Labor Relations Act requires firms to allow unions to organize and requires firms
to negotiate with unions. Unions can bargain for a wage that is above the market
level
lagging indicator - economic variables that tend to rise and fall after real GDP
marginal product of labor - the extra output a firm receives from adding one more
unit of labor
minimum wage - a legal minimum hourly wage that employers are required to
pay employees. The federal government has had a national minimum wage law
since 1938. Some state and local governments also impose minimum wages.
natural rate of unemployment - the normal rate of unemployment, consisting of
frictional unemployment and structural unemployment
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Schoolflix. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53920 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now