According to the text, economists consider full employment to occur when
A) everyone who wants a job has a job.
B) frictional unemployment equals zero.
C) the sum of frictional unemployment and structural unemployment equals zero.
D) the unemployment rate consists of only frictional and structural unemployment.
Answer: D
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To an economist, theory can be thought of as
A. abstraction for the sake of argument. B. one person’s opinion, which is just as good as another’s. C. another term for the description of a situation. D. beliefs that cannot necessarily be verified. E. explanation of mechanisms behind observed phenomena.
As the price of computers falls, the quantity of computers demanded increases. This is an application of:
A. the production possibilities curve B. the law of demand C. the law of supply D. needs versus wants
Fixed-money assets, like stocks and bonds, are included in which of the following components of GDP?
A. Government spending B. Venture capital C. Consumer spending D. They are not included in GDP measurement.
If you pay a constant percentage of your taxable income in taxes, the tax is
A) regressive. B) random. C) proportional. D) progressive.