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In a country with a labor force of 200 people, a different group of 10 people becomes unemployed each month but becomes employed once again a month later. No others outside these groups are unemployed.
A. What is the country’s unemployment rate?
B. What is the average duration of unemployment?
Could a future advance in technology allow production beyond the current possibilities curve Could international trade allow a country to consume beyond its current possibilities curve Is production at a point outside the production possibilities c..
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Consider the Labor Economics Question. This will provide insight into the idea of the optimal number of workers and the value of the marginal product of labor.
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