Structural unemployment is:
A. the extra unemployment that occurs during periods of recession.
B. short-term unemployment that is associated with the process of matching workers with jobs.
C. the additional unemployment not captured in official statistics resulting from discouraged workers and involuntary part-time workers.
D. long-term and chronic unemployment that exists even when the economy is producing at a normal rate.
Answer: D
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Contractionary fiscal policy to prevent real GDP from rising above potential real GDP would cause the inflation rate to be ________ and real GDP to be ________
A) lower; lower B) lower; higher C) higher; higher D) higher; lower
One benefit to private sector production of a collective consumption good is _____
a. it overcomes the free riding problem b. private producers can often bundle the good with something else people value c. profits from private companies can be taxed d. provides information valuable in allocating future resources
An individual can avoid risks associated with a transaction by purchasing insurance
Indicate whether the statement is true or false
An individual who is employed part time, but is looking for a full-time job, is classified as:
A. frictionally unemployed. B. cyclically unemployed. C. structurally unemployed. D. employed.