The economy is considered to be at full employment when
a. the actual rate of unemployment is less than the natural rate.
b. the leading economic indicators are unchanged for two consecutive quarters.
c. structural unemployment is zero.
d. frictional plus structural unemployment is less than the natural rate.
e. the rate of cyclical unemployment is zero.
E
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
When leisure is a normal good, the wage elasticity of labor supply is always positive.
Answer the following statement true (T) or false (F)
The average fixed cost curve always has a negative slope because:
a. marginal costs are below average fixed costs. b. average variable costs exceed marginal costs. c. total fixed costs always decrease. d. total fixed costs do not change as output increases.
The quantity of goods and services that can be produced by one worker or by one hour of work is referred to as
A) technology. B) labor productivity. C) real GDP. D) human capital.