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Differentiate between inflation and unemployment.
Inflation is an increase in the general price level that results in a decline in the purchasing power of money. In economics, a person who is able and eager to work yet is unable to find a paying job is considered unemployed. The unemployment rate is the number of unemployed workers separated by the total civilian labor force, which contains both the unemployed and those with jobs (all those willing and able to work for pay). In practice, calculating the number of unemployed workers actually seeking work is notoriously difficult.
Perfect competition: The behaviours of firms in perfect competition. It should be noted that firms that fit into perfect competition model are very rare in real-life situation
Is there any relation between inflation and unemployment? The Phillips Curve was a relationship among unemployment and inflation discovered by Professor A.W. Phillips. He foun
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In June 2009, Textile co. (a domestically located firm) purchased 1000 yards of cloth from India (a foreign country) for $1000. Textile co. hired Elizabeth and paid her $5000 to s
In markets, the invisible hand allocates resources efficiently a. in all cases b. when there are positive externalities, but not when there are negative externalities c. when there
If Kansas can formed either 400 tons of wheat or 100 tons of corn and Nebraska can formed 300 tons of corn or 200 tons of wheat then it makes sense for the two states to specialize
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Inflation And Unemployment: Inflation describes a persistent and an appreciable increase in the general price level. The inflation rate is measured as a percentage change in a
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