The full-employment level of real GDP is the level which can be produced with:
A. given technology and productive resources.
B. frictional and structural unemployment equal to zero.
C. cyclical unemployment greater than zero.
D. future technology.
Answer: A
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The natural employment surplus ________ be used to determine the effectiveness of discretionary fiscal policy actions because ________
A) cannot; it excludes non-discretionary spending changes B) can; it includes non-discretionary spending changes C) cannot; it includes non-discretionary spending changes D) can; it excludes automatic stabilization expenditures
Suppose that when the price of strawberries decreases, Simone increases her purchase of whipped cream. To Simone
A) strawberries and whipped cream are complements. B) strawberries and whipped cream and substitutes. C) strawberries and whipped cream are normal goods. D) strawberries are a normal good and whipped cream is an inferior good.