The table below shows the percentage of the labour force accounted for by males and females over a two-decade period.Assume that real GDP is equal to potential in each of the given years.
% of Labour Force
TABLE 30-4
-Refer to Table 30-4.Suppose that for each year listed the unemployment rate among males is 5% while it is 7% among females.What is the economy's NAIRU in 1960?
Definitions:
Excess Demand
Occurs when the quantity demanded of a good or service exceeds the quantity supplied at a given price, often leading to shortages.
Upward Pressure
Describes a situation in financial markets or economies where there is a force or trend leading to an increase in prices or rates.
Demand Curve
A graph representing the relationship between the quantity of a good that consumers are willing and able to purchase and its price.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to produce and sell.
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