Matakuliah Tahun : F0882 - Economic Analysis : 2009 UNEMPLOYMENT AND THE FOUNDATIONS OF AGGREGATE SUPPLY Chapter 11 Learning Outcomes • The Foundations of Aggregate Supply • Unemployment Bina Nusantara University 3 How Do Growth in Potential Output and Cost Increases Affect Aggregate Supply? In Reality, Aggregate Supply Shifts Combine Cost Increases and Increased Potential Output AS Is Relatively Flat in the Short Run but Turns Vertical in the Long Run Labor-Force Status of the Population, 2003 Okun’s Law Illustrated, 1955-2002 Inflexible Wage Can Lead to Involuntary Unemployment Most Unemployment in the United States Is Short-Term Distribution of Unemployment by Reason, 1982 and 2000 Unemployment Rates of Different Groups Unemployment in the United States and Europe
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