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Unformatted text preview: difference can be reconciled. • Limitations of using GDP as a measure of aggregate economic welfare. 4. Growth and Productivity; Unemployment and Inflation: • Definition of unemployment rate and how to compute the value numerically. • Types of unemployment. • Costs of unemployment. • Natural rate of unemployment. • Employment output ratio, labor force participation rate, and civilian labor force. • Definition of inflation. • How inflation is measured. • Causes of inflation. • Costs of inflation. • Hyperinflation....
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This note was uploaded on 04/25/2008 for the course APEC 1102 taught by Professor Tade during the Spring '08 term at Minnesota.
- Spring '08