"The economy's in equilibrium!" Is that necessarily good?
Answer to relevant QuestionsWhat is frictional unemployment? Why is it not regarded as a serious economic problem? What is a tax multiplier? How does it differ from the income multiplier? Calculate the values for the recessionary or inflationary gaps for each of the four cases in the following table. How do increases in labor skills affect labor pro ductivity? Give an example. Explain how changes in the money supply can result in changes in real GDP.
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