homework3 - Macroeconomic Principles Economics 1101 Spring...

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Unformatted text preview: Macroeconomic Principles Economics 1101 Spring 2010 Homework Set 3 Posted: January 30, 2010 Name : TUiD : Section 1: Definition type questions. Each definition is worth 2 points. Section 2: Short answer questions. Each question is worth 10 points. 1 Definitions 1. Labor Market : 2. Labor Demand : 3. Labor Supply : 4. Labor Force : 5. Labor Force Participation Rate : 6. Unemployment : 7. Unemployment Rate : 1 8. Frictional Unemployment : 9. Structural Unemployment : 10. Seasonal Unemployment : 11. Cyclical Unemployment : 12. Full Employment : 13. Natural Rate of Unemployment : 14. Aggregate Demand : 2 15. Aggregate Supply : 16. Short Run Aggregate Supply : 17. Long Run Aggregate Supply : 18. Potential GDP : 19. Recessionary Gap : 20. Inflationary Gap : 3 2 Short Answer Questions 1. The US unemployment rate has shot up from about 5% in December 2007 to 10% today. Economists widely agree that the natural rate of unemployment in the US is about 4.5%. What do you think has contributedagree that the natural rate of unemployment in the US is about 4....
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This note was uploaded on 05/04/2011 for the course ECON 1101 taught by Professor Rappoport during the Fall '08 term at Temple.

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homework3 - Macroeconomic Principles Economics 1101 Spring...

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