We say that the economy is at full employment if the unemployment rate is equal to
A) zero.
B) the natural rate of unemployment.
C) the amount of cyclical unemployment.
D) the sum of frictional and cyclical unemployment.
E) the sum of structural and cyclical unemployment.
Answer: B
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The unemployment rate will never equal zero percent because
A) there are some people who do not want to work. B) there will always be discouraged workers. C) some portion of the labor force will always be between jobs. D) cyclical unemployment will always exist.
If the price falls below minimum SRAVC, the quantity supplied by the firm will be
A. the quantity at minimum MC. B. zero. C. the quantity at the point where MC intersects AC. D. the quantity at minimum AC.
A monopolist faces a downward-sloping demand curve because:
a. the demand for its product is inelastic. b. the industry demand curve is horizontal. c. resource prices increase as the monopolist expands output. d. the entire market demand curve is the monopolist's demand curve.
Oligopolies exist only in industries that produce large durable goods such as automobiles and refrigerators
Indicate whether the statement is true or false