The unemployment rate does not reflect the true extent of the unemployment problem. Which of the following groups is not counted as unemployed in the official unemployment statistics?
a. The underemployed and the cyclically unemployed
b. The underemployed and discouraged workers
c. Discouraged workers and the frictionally unemployed
d. The frictionally unemployed and the structurally unemployed
e. The cyclically unemployed and the frictionally unemployed
b
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The part of the balance of payments that records purchases of assets a country has made abroad and foreign purchases of assets in the country is the
A) capital account. B) current account. C) financial account. D) statistical discrepancy account.
If the aggregate supply curve is vertical, it follows that a change in
A) Real GDP can originate on the demand side of the economy. B) Real GDP can originate on the supply side of the economy. C) Real GDP can originate on either the demand side or the supply side of the economy. D) price level can originate on the demand side of the economy. E) b and d
Assume that this graph illustrates a perfectly competitive labor market.
If the supply of person-hours in this market shifts to the right, then the equilibrium wage will ________ and the equilibrium number of person-hours will ________.
A. fall; decrease B. increase; increase C. fall; increase D. stay the same; increase
During a business cycle expansion, total production ________ and total employment ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases