study guide: test 3
study guide: test 3 AGBU 2063 - 001
Arkansas Tech University
Popular in Agriculture and Forestry
This 4 page Study Guide was uploaded by Karmen Stephens on Tuesday February 23, 2016. The Study Guide belongs to AGBU 2063 - 001 at Arkansas Tech University taught by Randell Renfro in Winter 2016. Since its upload, it has received 22 views. For similar materials see in Agriculture and Forestry at Arkansas Tech University.
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Date Created: 02/23/16
Test 3 Study Guide Unemployment is divided into 4 segments of the US Population List the 4 segments of unemployment 1 unemployed don39t have a job 2 employed have jobs 3 labor force total number of unemployed and employed combined 4 not in the labor force disabled 16 or younger parttime workers etc De ne Underemployed a person who is overquali ed for the job they are working or wishing to work more hours List and De ne 3 KINDS of unemployment 1 Frictional due to movement of people 2 Structural number ofjob demands mismatch to workers needed 3 Cyclical demand for workers is low most serious List and De ne 2 TYPES of Unemployment 1 voluntary doesn39t have a job and doesn39t want one 2 involuntary worker39s desires to work but can39t nd any Who are considered underemployed Age 1619 Gender females Race minorities What are the 6 lmm of Unemployment 1 Loss of goods and services 2 Reduced tax base 3 Reduced consumer spending 4 Decline in GDP 5 Lower business investment 6 Lower private savings What are the 5 Impacts of Unemployment 1 Increased crime 2 increased depression 3 rise in alcohol 4 rise in drug abuse 5 family abuse Who is Arthur Okun Council of economic advisors What is his position chairman What does he do Advisor to the president Okun39s Law for every 2 GDP falls unemployment rises 1 De ne Transfer Payment when the government spends money and doesn39t get anything in return List and De ne the 4 Levels of In ation 1 Low in ation single digit numbers 2 Moderate double digit numbers 3 Galloping triple digit numbers 4 Hyperin ation anything higher than triple digit List and De ne 2 Types of In ation 1 Anticipated in ation that everyone knows is happening 2 unanticipated in ation that is unexpected List and de ne 2 lmpa of In ation 1 A redistribution of income and wealth 2 A distortion in relative price and outputs De c People often confuse the debt with the de cit You can remember the difference as follows Debt is like water in a bathtub while the de cit is water owing from the faucet into the bathtub The government debt is the total of the liabilities of the government stock The de cit is a ow of new debt incurred when the government spends more that it raises in taxes 3 Types of Budgets Actual Budget records the actual dollar expenditures revenues and de cits in a given period Structural Budget calculates what the government revenues expenditures and de cits would be if the economy were operating at a potential output Cyclical Budget difference between the structural and actual budget 2 Types of Debt Internal Debt debt owed by a government to its own citizens External Debt when a foreign country or foreign individuals
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