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If recession caused millions of people to lose there jobs and millions more to fear unemployment what would happen?
Inferior goods would have an increase in demand while superior goods would have a decrease in demand.
What types of unemployment exist?
Unemployment is split into these types: demand-deficient unemployment, frictional unemployment, and structural unemployment
What did Keynes sat causes unemployment?
Aggregate Demand
Is there a tradeoff between unemployment and inflation when the aggregate demand in an economy increases?
Yes, there is a tradeoff between unemployment and inflation when aggregate demand in an economy increases. As demand rises, businesses may need to hire more workers to meet the increased demand, leading to lower unemployment rates. However, if demand grows too quickly, it can also lead to inflation as businesses raise prices to match the higher demand. This tradeoff is known as the Phillips curve relationship.
What are the key factors contributing to the different types of unemployment, including frictional, structural, and cyclical unemployment?
The key factors contributing to different types of unemployment are: Frictional unemployment: This type of unemployment occurs when people are temporarily between jobs due to factors such as job searching, changing careers, or relocating. Structural unemployment: Structural unemployment happens when there is a mismatch between the skills of workers and the requirements of available jobs, often due to changes in technology or shifts in the economy. Cyclical unemployment: Cyclical unemployment is caused by fluctuations in the business cycle, leading to periods of economic downturn and reduced demand for labor.
What is a cyclical unemployment?
Cyclical Unemployment results from business recessions that occur when aggregate (total) demand is insufficient to create full employment.Cyclical Unemployment is due to contractions in the economy
What increased production because of demand for supplies and lowered unemployment?
War
What is demand push inflation?
Demand-pull is caused by an increase in aggregate demand.
Structural unemployment?
workers possess skills that aren't in high demand (obsolete)
If the main macroeconomic problem is unemployment then what is aggregate demand?
Aggregate Demand is the total amount of Demand in the Economy at a given time. It is an important macroeconomic factor because it helps determine, forsee and ,when manipulated ,prevent inflation. Inflation is one of the the main macro-economic problems and is as important as unemployment.
If you are fired from your job and you legally and fairly begin to draw unemployment can that employer call you at home and demand that you get off unemployment?
No, the employer cannot call you at home to demand that you get off unemployment. When you begin drawing unemployment, the employer does not pay directly - there is a fund in which employer deposits are being placed and that fund is where the unemployment payment comes out - nothing to do with your ex-employer. If your ex-employer is harassing you; however, you should call the police and BBB.
The economist John Maynard Keynes argued that?
That unemployment came not from overproduction, but from a decline in demand.
