Which one of the following statements is NOT correct?
A) Unemployment can occur even when an economy is growing.
B) The line between frictional and structural unemployment is sometimes hard to draw.
C) The natural rate of unemployment is estimated to be between 5 percent and 6.5 percent in the U.S.
D) The term "full employment" means that 100 percent of the labor force is employed.
D
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The quantity equation states that the
A) money supply times the velocity of money equals the price level times real output. B) money supply times the price level equals real output divided by the velocity of money. C) money supply divided by the velocity of money equals the price level divided by real output. D) money supply times the price level equals real output times the velocity of money.
Refer to the accompanying figure, which shows the annual domestic supply and annual domestic demand for jeans in a small country.
Suppose this country is open to trade with the rest of the world, and the world price of a pair of jeans is $40. If the government imposes a quota on imported jeans of 12,000 pairs per year, then the new equilibrium price of jeans in this country will be:
A. $80 B. $60 C. $120 D. $100