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RIGHT-TO-WORK LAW: A law preventing employers from making union membership a condition of employment. In other words, your boss can't forced you to join a union if you don't want to. There are two sides to this argument. On the one hand, workers should have the freedom to join a union or not based on the benefit to had from the union and perhaps their philosophical orientation towards unions. On the other hand, unions gain their strength by representing workers. Its negotiating position is hurt if it represents only a fraction of the workers. Moreover, any benefits a union gets for workers are enjoyed by its members (who pay dues) as well as nonmembers (who don't pay dues).

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Lesson 13: Aggregate Demand | Unit 5: Policies Plus Page: 22 of 22

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  • How shifts in the aggregate demand curve are a source of macroeconomic (business cycle) instability.
  • The two basic types of macroeconomic problems associated with business cycles, recessions (with unemployment) and booming expansions (with inflation).
  • Controlling aggregate demand instability through demand-management policies, including fiscal and monetary policies.
  • Fiscal policy that affects aggregate spending directly through government purchases and indirectly through taxes.
  • Monetary policy that affects aggregate spending indirectly interest rates.

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SELF CORRECTION, AGGREGATE MARKET

The automatic process in which the aggregate market adjusts from short-run equilibrium to long-run equilibrium. Self-correction results through shifts of the short-run aggregate supply curve caused by changes in wages (and other resource prices). The self-correction mechanism acts to close both recessionary gaps and inflationary gaps. The short-run aggregate supply curve increases (shifts rightward) due to lower wages to close a recessionary gap and decreases (shifts leftward) due to higher wages to close an inflationary gap.

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Today, you are likely to spend a great deal of time browsing about a thrift store wanting to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. "

-- George Allen, U.S. senator

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