Which of the following statements is true of unemployment?
a. Cyclical unemployment decreases during recessions and increases during expansions
b. Some unemployment exists even when the economy is healthy and growing.
c. Unemployment and inflation are not related.
d. People who are willing and able to work but have given up the search for a job are considered unemployed.
e. Voluntary unemployment refers to a situation in which people who really do not want to work only pretend to look for jobs.
b
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A demand curve can be interpreted as
A) a marginal benefit curve. B) a total benefit curve. C) an average benefit curve. D) a marginal cost curve. E) None of the above answers is correct.
Which of the following statements about the structure of the Fed is an advantage from the perspective of conducting monetary policy?
A) The two policymaking bodies of the Fed are deliberately large to allow for different viewpoints and they work very closely with other political institutions. B) The two policymaking bodies of the Fed are deliberately large to allow for different viewpoints and they work relatively independently of other political institutions. C) The two policymaking bodies of the Fed are small to allow deliberations in private and they work relatively independently of other political institutions. D) The two policymaking bodies of the Fed are small to allow members to work closely with other political institutions.