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Stars: A star has absolute luminosity equal to that of the sun, which is 1.5 × 108 km from the earth, but this star is 32.6 light-years away from the earth. By what factor will it appear dimmer than the sun? (1 ly = 9.461 × 1015 m)
Natural Rate
Often referred to as the natural rate of unemployment, it is the level of unemployment consistent with a stable rate of inflation.
Unemployment
Unemployment is the state of being without a job despite actively looking for work, reflecting the portion of the labor force unable to find gainful employment.
Friedman-Phelps Analysis
The Friedman-Phelps analysis introduces the concept of the natural rate of unemployment, arguing that inflation and unemployment rates are not linked in the long term due to adaptive expectations.
Inflation
The pace at which overall prices for goods and services increase, causing the value of money to diminish.
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