Since Economists Cannot Use Natural Experiments Offered by History, They

question 30

True/False

Since economists cannot use natural experiments offered by history, they must use carefully constructed laboratory experiments instead.

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Definitions:

Officially Unemployed

Officially unemployed refers to individuals who are without a job, actively seeking work, and currently available to take up employment.

Fully Employed Economy

A situation where all available labor resources are being used in the most economically efficient way, with minimal unemployment.

Cyclical Unemployment

Unemployment that results from business cycle fluctuations and the imbalances in supply and demand that arise in the economy over time.

Discouraged Workers

Individuals who are not actively looking for work because they believe no jobs are available for them or there are no jobs for which they would qualify.