The Keynesian, or cyclical, variety occurs when the economy does not exhibit sufficient aggregate demand for goods and services, while the frictional type describes people currently in this state who lack complete information about the labor market, such as recent graduates.
Okun's Law states that a one percent increase in the difference between the actual and natural types of this concept will cause a 2 – 3% drop in GDP. The Keynesian, or cyclical, variety occurs when the economy does not exhibit sufficient aggregate demand for goods and services, while the frictional type describes people currently in this state who lack complete information about the labor market, such as recent graduates. Contrasted with inflation by the Phillips Curve and combined with it in the "misery index", this is, for 10 points, what condition, exhibited by people on strike and victims of layoffs?
Okun's Law states that a one percent increase in the difference between the actual and natural types of this concept will cause a 2 – 3% drop in GDP.
unemployment