Which of the following best describes an economy with full employment?
A. "Full employment occurs only when the economy has a zero percent unemployment rate."
B. "No person is unemployed for whatever reason."
C. "The level of unemployment that corresponds to the normal friction in the labor market."
D. "Everyone who is looking for a job will have one."
Answer: C
You might also like to view...
A monopsonist faces a constant elasticity of labor supply of 1.5. If the monopsonist pays $15 per hour, its marginal expenditure equals
A) $15. B) $25. C) $7. D) 25%.
Innovation refers to the introduction of new products and processes into the market.
Answer the following statement true (T) or false (F)
Velocity is defined as
A. real money stock/real GDP. B. nominal money stock/nominal GDP. C. mc2. D. nominal GDP/nominal money stock.
A change in the price of a good leads to a change in the demand of the good.
Answer the following statement true (T) or false (F)