The United States' economy is considered to be at full employment when:
A. about 4-5 percent of the total population is unemployed.
B. 90 percent of the labor force is employed.
C. about 4-5 percent of the labor force is unemployed.
D. 100 percent of the labor force is employed.
C. about 4-5 percent of the labor force is unemployed.
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A tax imposed on the part of income that households spend is known as a
a. luxury tax b. flat tax c. consumption tax d. income tax e. value tax
Under perfect competition, _____
a. firms have zero market power b. a single firm produces all of the output in the market c. firms sell differentiated products d. the marginal revenue received by a firm is greater than price
In the new classical model, a $100 billion increase in government purchases financed by borrowing will
a. increase the real interest rate, which will crowd out private spending. b. lead to a $100 billion increase in real GDP. c. lead to a $400 billion increase in real GDP if the marginal propensity to consume is three-fourths. d. leave the interest rate, aggregate demand, and real output unchanged.
Utility is characterized as:
a. Subjective b. Objective c. Constant d. None of the above characterize utility