The period of declining growth in real GDP, between the peak of the business cycle and the trough, is called the:
a. contractionary phase.
b. boom

For a monopsonistic hirer of labor, the gap between labor's marginal revenue product and its wage rate will be greater:

a. the more elastic the supply curve for labor. b. the more inelastic the supply curve for labor. c. the more elastic the firm's demand for labor. d. the more inelastic the firm's demand for labor.

The natural rate of unemployment is always more than the actual rate of unemployment because it excludes frictional and seasonal unemployment rates

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