In a modern dynamic economy such as the United States, full employment generally means
a. cyclical unemployment is present.
b. everyone (excluding teenagers) that would like to work is employed.
c. approximately 95 percent of the labor force is employed.
d. 100 percent of the labor force is either working or seeking work.
C
Economics
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The production possibilities curve represents
A) the total amount of stocks and bonds that exist in the economy. B) the trade-off between human capital and physical capital that exists. C) all possible combinations of total output that can be produced. D) society's needs.
Economics
When the absolute price elasticity of demand equals 2.5, demand is
A) elastic. B) unit-elastic. C) inelastic. D) undetermined without more information.
Economics