The economy is considered to be at full employment when
a. the actual rate of unemployment is less than the natural rate
b. the leading economic indicators are unchanged for two consecutive quarters
c. structural unemployment is zero
d. frictional plus structural unemployment is less than the natural rate
e. the rate of cyclical unemployment is zero
E
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It is possible for the United States to compete against cheap foreign labor because expensive domestic workers
A) pay U.S. taxes. B) receive subsidies. C) are more productive. D) belong to unions.
Lowering the individual income tax rate will increase household disposable income and consumption spending
Indicate whether the statement is true or false
When the total value of final goods and services is calculated using current prices, the resulting measure is referred to as
A) real GDP. B) the GDP deflator. C) nominal GDP. D) the index of leading indicators.
Absolute advantage is the ability to produce a good using fewer inputs than another producer.
Answer the following statement true (T) or false (F)