According to the text, economists consider full employment to occur when
A) the sum of frictional unemployment and structural unemployment equals zero.
B) the unemployment rate consists of only frictional and structural unemployment.
C) frictional unemployment equals zero.
D) everyone who wants a job has a job.
B
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Fiscal policy is the use of taxes and spending by the government to affect aggregate demand
a. True b. False Indicate whether the statement is true or false
When demand is elastic
A) a proportionately small change in price leads to a proportionately large change in quantity supplied. B) a proportionately small change in price leads to a proportionately small change in quantity supplied. C) a proportionately small change in price leads to a proportionately large change in quantity demanded. D) a proportionately small change in price leads to a proportionately small change in quantity demanded.