Measured unemployment may be lower than actual unemployment because:

A. measured unemployment does not include the frictionally unemployed.
B. some individuals may want a job but have become discouraged and stopped looking for one.
C. some individuals claim to be unemployed when they are not looking very seriously for a job.
D. measured unemployment does not include teenage unemployment.

Ans: B. some individuals may want a job but have become discouraged and stopped looking for one.

Economics

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Figure 10-14


The economy's initial aggregate demand (AD0) and aggregate supply (SRAS0 and LRAS) curves are illustrated in . Which of the following is true?
a.
The profits of business firms are higher at I than J.
b.
H is a point of long-run equilibrium.
c.
Downward pressure on prices occurs at point G.
d.
Point F is consistent with long-run equilibrium.

Economics

Differences in growth rates and standards of living around the world can largely be attributed to ______.

a. natural resources b. labor productivity c. population size d. innovation

Economics