Cyclical unemployment exists when
A) frictional and structural unemployment is zero.
B) real national income exceeds potential income.
C) real GDP exceeds potential GDP.
D) real GDP is less than potential GDP.
D
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Consumer spending accounts for nearly two-thirds percent of U.S. GDP.
Answer the following statement true (T) or false (F)
What assumptions are made concerning wages and prices in a classical economic model?
What will be an ideal response?
In perfect competition, all the following situations arise except ________
A. firms produce an identical good or service B. each firm chooses the price at which to sell the good it produces C. firms can sell any quantity they choose to produce at the market price D. buyers know each seller's price
Nonlinear least squares
A) solves the minimization of the sum of squared predictive mistakes through sophisticated mathematical routines, essentially by trial and error methods. B) should always be used when you have nonlinear equations. C) gives you the same results as maximum likelihood estimation. D) is another name for sophisticated least squares.