Which of the following statements is TRUE about the seasonally adjusted unemployment rate?
A. The seasonally adjusted unemployment rate shows how the unemployment rate fluctuates with the various seasons.
B. The seasonally adjusted unemployment rate is the rate computed for Fall, Spring, Summer and Winter.
C. The seasonally adjusted unemployment rate is the same as the natural rate of unemployment.
D. The seasonally adjusted unemployment rate is the sum of the frictional unemployment rate, structural unemployment rate, and cyclical unemployment rate.
Answer: D
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Refer to Exhibit 11-4. If a person’s taxable income is $30,000, how much does he pay in taxes?
A. $4,850 B. $1,400 C. $3,900 D. $4,345
When manufacturing an iPhone, parts must be soldered together. This work can be done by labor or by a robot (capital). More robots will be hired when the price of labor increases. This is known as
A) the effect of changing labor productivity. B) marginal revenue product. C) the complementary effect. D) the substitution effect.
When the Fed conducts open market operations, it
A. also raises taxes at the same time. B. is engaging in fiscal policy. C. shifts the demand for money curve. D. purchases or sells government bonds issued by the U.S. Treasury.
The possible combinations of goods that can be purchased with a specific income are called the
A. income-consumption curve. B. marginal rate of substitution. C. budget constraint. D. indifference map.