High School Economics Quiz
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FOUNDATIONS OF ECONOMIC THINKING
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An economist makes the following statement: 'The optimal rate of unemployment is 3%, because this balances the need for economic dynamism with the social costs of joblessness. Therefore, the government should use fiscal policy to target a 3% unemployment rate.'
How should an economist evaluate the evidence for the first part of this statement, which claims that 3% unemployment is 'optimal'?
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