Full employment occurs when
A) the sum of frictional and structural unemployment is zero.
B) the cyclical unemployment rate is zero.
C) the structural unemployment rate is zero.
D) the unemployment rate is zero.
E) the frictional unemployment rate is zero.
B
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Medical savings accounts _____
a. provide insurance for very small health care expenditures b. provide little accountability for small purchases c. provide catastrophic coverage d. all of the above e. a and b
A firm is producing a joint product, Product A and Product B, with variable proportions. At its current production levels, the marginal benefit of producing Product A is $8 and the marginal cost is $12 and the marginal benefit of producing Product B is $8 and the marginal cost is $2. To maximize profits, the managers of the firm should produce ________ of Product A and ________ of Product B.
A) more; less B) more; more C) less; less D) less; more
Ace has always been a top student, so it was no surprise he won a $1,500 scholarship from the company where he worked summers to help with college expenses. Ace decides to spend his scholarship money on a new Apple MacBook. How will GDP be affected by Ace's recent purchases?
A. Consumption will go up by $1,500, because a computer is a durable good. B. Investment will go up by $1,500, because a computer is a durable good. C. GDP will not be affected, since Ace acquired the computer with scholarship money. D. Consumption will go up by $1,500, because a computer is a nondurable good.
Which of the following best describes the short-run problem faced by farms?
A. New technology has increased the productivity of farmers and therefore resulted in declining farm prices and low farm incomes. B. The highly inelastic nature of agricultural demand, together with fluctuations in exports of farm goods, has caused small year-to-year fluctuations in farm output to result in highly unstable farm incomes. C. The supply of farm products has increased relative to the demand for them, and because demand is inelastic, prices of farm output and farm income have therefore declined. D. The demand for farm products has increased relative to their supply, but the elastic nature of agricultural demand has caused these shifts to result in declining farm incomes.