Suppose the economy is experiencing frictional unemployment of 1 percent, structural unemployment of 3 percent and cyclical unemployment of 4 percent. What is the natural unemployment rate?

An improvement in technology that increases the marginal product will shift the demand for labor curve to the right

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

The concept of economic rent applies to

A. all wage and salary earners. B. no wage or salary earners. C. only owners of real estate. D. people with rare valuable skills.