Explain Why Some Economists Claim That the Persistence of High

question 13

Essay

Explain why some economists claim that the persistence of high unemployment rates during the recovery from the recession of 2007-2009 is evidence of "hysteresis."

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Definitions:

Political Parties

Organizations that seek to attain and maintain political power within a government, typically by participating in electoral campaigns, educational outreach, or protest actions.

Paired-Choice Majority Votes

A voting system in which options are matched in pairs and voted upon, with the winner of each pair moving on to compete in subsequent rounds.

Marginal Benefits

The incremental value or satisfaction derived from the use of one more unit of a good or service.

Marginal Costs

represent the cost of producing one more unit of a good or service, calculated by the change in total cost that comes from producing one additional unit.