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Why does it make sense for macroeconomists to focus on the “labor force” rather than the...

Why does it make sense for macroeconomists to focus on the “labor force” rather than the total population when considering the role of people production? What is the difference between a change in relative price and a change in general price? Give an example of each to make your point.

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Answer #1

Macroeconomists focus on labor force as this is better indicator of total employment and helps gauge discouraged worjerd and calculations of structural and cyclical unemployment number for projecting inflation and GNP.

A change in relative price means change in price of diesel with respect to change in price of crude oil. This is more comparative and relative.

A change in general price means change in price of diesel from earlier prices. This is more generalised and standardised.

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