What is the natural unemployment rate?
What will be an ideal response?
The natural unemployment rate is the unemployment rate when no cyclical unemployment exists. That is, when all unemployment is frictional or structural then the unemployment rate equals the natural unemployment rate. Full employment occurs when there is no cyclical unemployment and the unemployment rate equals the natural unemployment rate.
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Delegates from different countries of the world met at Geneva in April 1947 which resulted in the formation of the first global trade agreement. Its main objective was:
a. to create multiple trade barriers in the member countries. b. to enable the member countries to maintain their autarkic conditions. c. to provide security to the domestic producers of the member countries by prohibiting international trade. d. to create an atmosphere of economic rivalry in the international sphere. e. to liberalize trade for mutual prosperity of the members.
?
In Exhibit 3-11, in Panel B the movement from point A to point C describes a(n):
A. increase in both demand and supply, where the increase in supply is relatively bigger. B. decrease in both demand and supply, where the decrease in supply is relatively bigger. C. increase in demand and a decrease in supply, where the decrease in supply is relatively bigger. D. decrease in demand and increase in supply, where the increase in supply is relatively bigger.