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Simplify the numerical expression.
1970s
A decade characterized by significant political, social, and economic changes worldwide, including the end of the Vietnam War and the oil crisis.
Unemployment Rate
The share of the labor market that is unoccupied but searching for jobs.
Cyclical Unemployment
Unemployment that arises during periods of economic downturn or recession, reflecting the overall health of the economy rather than individual or structural factors.
Frictional
Pertaining to the period of time and inefficiency in processes where resources, especially labor, move from one employment to another, contributing to transient joblessness.
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