chap 4 Flashcards
1
Q
4 moments of business cycle
A
– Trough
– Recession
– Recovery
– Peak
2
Q
What are the unemployments that remain when full employment
A
Frictional: natural turnover
Structural: mismatch between workers and jobs
3
Q
Unemployment when recession
A
cyclical
4
Q
What is the name of the unemployment that remains when Y=Y*
A
Natural rate of unemployment (NAIRU)
5
Q
Productivity definition and measures
A
Productivity: a measure of output per unit of input.
* often measured as GDP per worker
* or GDP per hour of work
