Suppose that some country had an adult population of about 50 million, a labor-force participation rate of 60 percent, and an unemployment rate of 5 percent. How many people were employed?

Which of the following is true of the General Agreement on Tariffs and Trade (GATT)?

a. It is now called the World Agreement on Trade and Tariffs. b. It was the global trade agreement that did away with the gold standard. c. It was a policy of the United States to raise tariffs on imported sugar. d. It was the first global trade agreement that followed World War II. e. It was a global trade agreement to raise tariffs.

In our modern economy, the adjustment process necessary to eliminate a recessionary gap is very rapid

a. True b. False Indicate whether the statement is true or false