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Explain equilibrium and disequilibrium unemployment

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Reference no: EM132661293

Breif A short note on the circular flow of income for three sector economy.

  1. Graphically explain equilibrium and disequilibrium unemployment. 
  2. Distinguish between GDP and GNP. How can you get GNP from GDP?
  3. Define frictional unemployment, cyclical unemployment and structural unemployment. Write down the consequences of unemployment.

Reference no: EM132661293

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