At full employment the unemployment rate equals the:
A. cyclical unemployment rate.
B. structural unemployment rate.
C. structural unemployment rate plus the cyclical unemployment rate.
D. structural unemployment rate plus the frictional unemployment rate.
Answer: D
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Resource use is efficient when production is such that marginal social benefit is
A) greater than marginal social cost. B) equal to marginal social cost. C) less than marginal social cost. D) at its maximum value.
Which one of the following examples is a cash assistance program used to fight poverty in the United States?
a. Medicaid. b. SNAP (food stamps). c. Home energy assistance. d. Head Start. e. Temporary Assistance to Needy Families (TANF).
Under laissez faire, output selection is determined by
a. consumer preferences. b. production costs. c. firms' desires to make profits. d. All of the above are correct.
The unemployment rate is computed by dividing the _____ by the _____.
Fill in the blank(s) with the appropriate word(s).