ECON TEST 2.docx

ECON TEST 2.docx - Labor force = of employed/unemployed in...

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Labor force = # of employed/unemployed in lwork age Unemploym rte = # of unemployed/labor force * 100 LFPR = labor force/ working age pop. * 100 Labor demand curve shows relat. Btwn (CNT) total quanty labor demnd and wage rate Natural rate of unempl. = normal level of unempl in long run 3 contrinutors= frictional,structural,real wage or classic unemp Frictional = change location/job structural= mismatch of workers and dem/ new technology taks job real wage= wags higher than market cyclical= short term econimc fluctions efficeny wages= set wages above market rate increase productivity CPI 1 = market basket value 1 / market value 1 * 100 CPI 2 = markt value 2 / market value 1 * 100 Pie (T) = CPI t – CPI (t-1)/ CPI (t-1) * 100 Aggreaget price level- average price level for GDP Neutrality of money= real outcomes of econ, (CNT) r not affected by aggregate price levels Theroy of inflation = in long run increase in money supply (CNT) lead to increase in price only Quanity of $theory= value of money is detrmnd by $supply
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