The official unemployment rate may not reflect the true state of unemployment because:
a. part-time employees who want to work more hours are treated the same statistically as those who hold full-time jobs.
b. some individuals who want to work may become discouraged and cease actively looking for work
c. workers laid off from their jobs and looking for new ones are not counted among the unemployed.
d. (a) and (b) only.
d
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If potential GDP increases,
A) aggregate supply increases. B) the money wage rate must have fallen. C) the quantity of aggregate supply decreases. D) the price level rises. E) aggregate supply does not change.
If the opportunity costs of production for two goods is different between two countries, then
A) only one country can be made better off by trade. B) trade will only benefit both countries if one can lower its opportunity costs. C) trade cannot benefit either country. D) mutually beneficial trade is possible.