The full-employment rate of unemployment is also called the:
A. Potential rate of unemployment
B. Cyclical rate of unemployment
C. Frictional rate of unemployment
D. Natural rate of unemployment
D. Natural rate of unemployment
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How does the demand for any one seller's product in perfect competition compare to the market demand for that product?
A) They are identical. B) The demand for any one seller is proportionally smaller but otherwise identical to the market demand. C) The demand for any one seller's product is perfectly elastic while the market demand curve is downward sloping. D) There is no demand for any one seller's competitively sold product. E) The demand for any one seller's product is not perfectly elastic while the market demand is perfectly elastic.
In the figure above, which budget line has the lowest relative price of carrots?
A) AD B) BD C) CD D) The relative price is equal for all three budget lines.
How do New Keynesians use the existence of long-term nominal contracts to help explain the failure of prices to adjust in the short run?
What will be an ideal response?
The traditional industrial policy of import substitution:
A. has been successful for those countries that managed to pick the "right" industries. B. has been successful for the great majority of countries. C. is generally unsuccessful in the real world. D. is used by most countries with some degree of success.