Which of the following is true?
a. The GDP gap is the difference between actual real GDP and full-employment real GDP.
b. We desire economic growth because it increases the nation's standard of living.
c. Economic growth is measured by the annual percentage increase in a nation's real GDP.
d. Discouraged workers are a reason critics say the unemployment rate is understated.
e. All of these are true.
e
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The government budget deficit must be equal to the surplus
a. of saving over investment. b. in the current account in international trade. c. of saving over consumption. d. of saving over investment plus the trade deficit.
Employment contracts that stipulate workers' wages, usually for a period of 1 to 3 years, are known as
A. implicit contracts. B. social contracts. C. explicit contracts. D. none of the above.