Mark scheme Q12 unit 3.3
This paper 1 style question looks at two aspects of the syllabus, the first natural unemployment i.e. unemployment unconnected to the state of the economy and part (b) monetary policy and a recessionary gap. 12. (a) Explain the term natural rate of unemployment. [10 marks] Responses should include the following: Responses should begin with a definition of the natural rate of unemployment (NRU), as the minimum...