The level of unemployment that is equal to the frictional and structural rate in the long run is sometimes referred to as
A. the natural rate of unemployment.
B. cyclical employment.
C. the zero unemployment rate.
D. the total rate of unemployment.
Answer: A
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An individual’s supply curve is backward bending when wages rise above a certain point.
Answer the following statement true (T) or false (F)
The real purchasing power of the average worker's yearly earnings in the United States in 2016 was ________ as in 1960.
A. twice as large B. about the same C. five times as large D. about half as much
Refer to Figure 17.2. Ceteris paribus, if the economy produces at point C, which of the following is most likely?
A. The PPC will not shift in the future. B. The PPC will shift outward in the future. C. The economy will continue to have point C as a choice in the future. D. The PPC will shift inward in the future.
The price elasticity of demand is measured by the
A. percentage change in quantity demanded divided by the percentage change in price. B. change in price divided by the change in quantity demanded. C. percentage change in price divided by the percentage change in quantity demanded. D. change in quantity demanded divided by the change in price.