Full employment is
A. the unemployment level when the normal friction in the economy is taken in account.
B. when all adults looking for work can find full time occupation.
C. when the unemployment level is reduced to the goal set by Congress.
D. zero unemployment.
Answer: A
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Economic theory assumes people's actions generally follow
A) from comparisons of expected costs and benefits. B) no predictable pattern. C) considerations of material self-interest. D) the Golden Rule.
According to the Thomas (1954) analysis, American investment in industrial physical capital was
(a) labor-using in upswings of immigration. (b) labor-saving in upswings of immigration. (c) "labor neutral" over the course of immigration. (d) relentlessly labor-saving no matter what.
The change in the capital stock is the return on investment.
Answer the following statement true (T) or false (F)
The long run can be distinguished from the short run because in the long run
a) an equilibrium is reached between aggregate supply and aggregate demand b) resources are no longer scarce c) firms produce at capacity d) the inflation rate is zero e) technological advances come to an end