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mankiw7e-chap06 - Chapter 6 Unemployment Unemployment In...

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Unemployment Unemployment Chapter 6 In this chapter, you will learn: …about the natural rate of unemployment: what it means what causes it understanding its behavior in the real world Natural rate of unemployment Natural rate of unemployment : The average rate of unemployment around which the economy fluctuates. In a recession, the actual unemployment rate rises above the natural rate. In a boom, the actual unemployment rate falls below the natural rate.
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