When An Economy Is Producing At A Level Of Output At Which Almost All The Nation's Resources Are Employed. The Unemployment Rate At This Level Of Output Equals The Natural Rate Of Unemployment - And Includes Only Frictional - Seasonal And Structural Unemployment.

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1. When An Economy Is Producing At A Level Of Output At Which Almost All The Nation's Resources Are Employed. The Unemployment Rate At This Level Of Output Equals The Natural Rate Of Unemployment - And Includes Only Frictional - Seasonal And Structural Unemployment.