Full employment is the rate of employment that results when
a. all labor resources of an economy are employed.
b. there is efficient use of the labor force, with allowance made for normal unemployment due to dynamic changes and the structural conditions of the economy.
c. cyclical unemployment is between 4 and 5 percent of the labor force.
d. everybody who wants a job can find one.
B
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According to Gary Libecap and Ronald Johnson, which of the following was a positive outcome of fraudulently obtaining land by larger firms?
a. Fines charged to fraudulent companies provided substantial revenues for the federal government. b. Resources were transferred to companies that could take advantage of economies of scale. c. Conflicts between farmers and railroads were reduced. d. Legislators friendly to economic development were elected because of backing from the fraudulent companies.
If an economy is at equilibrium, it will also be operating at full employment
a. True b. False
Durable goods, nondurable goods, and services are part of __________ and fall in the category of ________
a. GDP; personal consumption b. GDP; gross private domestic investment c. GDP; government purchases d. national income; inventory e. national income; employee compensation
The balance between maximizing a society's income and an equal distribution of that income is an illustration of a. scarcity
b. trade-offs. c. the forces of supply and demand. d. none of the above.