Define the unemployment rate, and distinguish between the different types of unemployment.

1.       Compare and contrast potential GDP and real GDP.

2.       Define the unemployment rate, and distinguish between the different types of unemployment.

3.       Explain the trade-off between unemployment and inflation.

4.       Define recession, and discuss the impact of recessions on workers and businesses.

5.       List the possible causes of recession.

6.       Define the unemployment rate, and distinguish between the different types of unemployment.

7.       Explain the trade off between unemployment and inflation.

8.       Define recession, and discuss the impact of recessions on workers and businesses.

Solution:

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