Economists say that the economy is at "full employment" when the:
A. structural unemployment rate is zero.
B. total unemployment rate is zero.
C. frictional unemployment rate is zero.
D. cyclical unemployment rate is zero.
Answer: D
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Refer to the scenario above. The nominal GDP of the country for Year 2 was ________
A) $180,000 B) $174,000 C) $1,920,000 D) $2,510,000
A rapid, unexpected increase in the inflation rate could make real interest rates negative
a. True b. False Indicate whether the statement is true or false
Sam McGarrity inherited $500,000 upon his favorite aunt's death. After this event it was observed by the local butcher that Sam was purchasing more steaks than in the past even though the butcher's advertising had provided no new information about his steaks in the past year. Most likely,
a. the relative cost of the butcher's steaks decreased b. the relative cost of the butcher's steaks increased c. Sam had seen industry ads about the benefits of red meat d. Sam's indifference map shifted e. Sam's income increased
Assume that empirical evidence shows a difference in mean earnings between two groups, say, majority and minority workers. What conclusion may be drawn?
a. The group with the lower earnings is being discriminated against. b. The group with the lower earnings is less productive. c. The group with the lower earnings has less human capital. d. Any of the above statements could, either partially or entirely, explain this difference.