Review Questions

1.
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Critically evaluate the proposition that the small-business sector is central to economic growth and prosperity.
2.
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Outline the principal empirical features of worker and job flows in the United States.
3.
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Suppose during a given quarter that (in millions) JDt = 8 jobs are destroyed, JCt = 9 jobs are created, and Et−1 = 100. What do these numbers tell us about the flows occurring in this economy?
4.
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What is meant by excess reallocation?
5.
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What is meant by the steady-state rate of unemployment, ? Explain why the rate of unemployment can remain unchanged over time, even if many workers lose their jobs every quarter.
6.
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Verify that the steady-state unemployment rate is given by = δ/(δ + αμ). Given this, is it necessarily the case that a high unemployment rate is caused by a high job destruction rate, δ?
7.
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Explain what is meant by the matching technology, m0 M(U, V).

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