Full employment occurs when the rate of unemployment consists of:
a. structural plus frictional unemployment.
b. cyclical plus frictional unemployment.
c. structural, frictional, and cyclical unemployment.
d. none of these.
a
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Policymakers in a country with a balance of payments surplus may not want to see their country's currency appreciate because this would
A) hurt consumers in their country by making foreign goods more expensive. B) hurt domestic businesses by making foreign goods cheaper in their country. C) increase inflation in their country. D) decrease the wealth of the country.
Which of the following represents a problem with using per capita GDP to compare standard of living between less-developed and industrially advanced countries?
A. GDP per capita does not take into account differences in population between countries. B. GDP is particularly difficult to measure in industrially advanced countries because a much larger percentage of economic activity occurs outside of officially measured market activity than in less-developed countries. C. GDP per capita will overstate the prevailing standard of living for the average person in countries with extreme levels of income inequality. D. GDP per capita and other quality of life measures are not correlated.
If the actual price level is above the expected price level, then workers' actual real wage will be below their expected real wage.
a. true b. false
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point A to Point D. This could be explained by
A. an increase in economic growth. B. a change in society's preferences for motorcycles versus hybrid cars. C. a reduction in unemployment. D. an improvement in technology.