Eco372 business cycles - Study guides, Class notes & Summaries

Which of the following is not part of the business cycle? - Depression At what minimum age are you considered to be in the labor force? - 16 unemployement rate - unemployed/labor force (unemployed + employed) *100 Which type(s) of unemployment exist when the economy is at full employment? - both frictional and structural unemployment The labor force is important, because it is the basis for calculating the: - unemployment rate. Inflation represents a(n) (increase/decrease) in someone's ab...