Problem 1
Explain the relationship between the terms in each of these pairs. a. frictional unemployment structural unemployment a. frictional unemployment structural unemployment
Problem 2
Why is it difficult to determine a universal poverty threshold?
Problem 2
Explain how the unemployment rate is calculated.
Problem 2
What are the stages in a wage-price spiral?
Problem 3
Why are economists interested in the unemployment rate?
Problem 3
Use a specific example to explain cost-push inflation.
Problem 4
Use a specific example to explain demand-pull inflation.
Problem 4
Name a job that might be affected by structural unemployment. Explain why it might be affected.
Problem 5
What are three effects of inflation?
Problem 5
What does the Lorenz curve show?
