Briefly explain why the reported official unemployment rate in Spain in 1994 may have provided an over-estimate of unemployment in Spain
What will be an ideal response?
The relatively high unemployment rate in Spain is partly the result of a relatively large underground economy. The underground economy is that part of the economy not measured in official statistics. After taking into account those individuals who are "employed" in the underground economy, the unemployment rate in Spain would have been lower (but still relatively high).
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Legislation that makes it illegal to require union membership as a condition of continuing employment is the
A) National Labor Relations Act. B) Wagner Act. C) Congress of Industrial Organizations. D) collection of right-to-work laws.
Stagflation's demise during the 1980s resulted in a:
A. Movement along the Phillips Curve toward less unemployment B. Movement along the Phillips Curve toward more inflation C. Shift in the Phillips Curve to the left D. Shift in the Phillips Curve to the right