Full employment is defined as operating where there is no frictional unemployment
Indicate whether the statement is true or false
false
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(Last Word) The post hoc fallacy and the correlation problem both relate to:
A. the calculation of marginal costs and marginal benefits of any economic activity. B. the issue of determining causation. C. the frequent inability of households and businesses to behave rationally. D. the trade-off problem associated with competing goals.
The above table gives data for the nation of South Hampton. There are no imports into or exports from South Hampton. If real GDP is equal to $900 billion, then
A) aggregate planned expenditure is greater than real GDP. B) aggregate planned expenditure will need to decrease to reach the equilibrium. C) aggregate planned expenditure is less than real GDP. D) this is the equilibrium level of real GDP. E) aggregate planned expenditure is equal to real GDP.
If real GDP in 2002 is $10 trillion, and in 2003 real GDP is $9.5 trillion, then real GDP growth from 2002 to 2003 is
A) 0.5%. B) 5%. C) 0%. D) -5%.
The expenditure approach measures GDP by adding the spending of households, businesses, government, and foreigners
a. True b. False Indicate whether the statement is true or false