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Over the years economists have adjusted what they consider is the full employment rate. Less developed countries appear to tolerate higher levels of unemployment than
Over the years economists have adjusted what they consider is the full employment rate. Less developed countries appear to tolerate higher levels of unemployment than advanced countries.Try and see if you can track what were the prior rates that economists used to represent full employment in a country and what it is today. Does the official full employment rate vary by country or is there a global standard? What do you think is the reason for the adjustment of the official full employment rate?
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