At the economy's natural rate of unemployment
A. only frictional unemployment exists.
B. there is only a relatively small amount of cyclical unemployment.
C. only structural unemployment exists.
D. the economy is fully employed.
Answer: D
Economics
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Which of the following statements best describes the relationship between GDP and standard of living?
a. GDP does not understate or overstate the standard of living. b. GDP may understate the standard of living. c. GDP may understate or overstate the standard of living. d. GDP may understate the standard of living.
Economics
A recessionary gap exists when the equilibrium level of GDP
A. falls short of potential GDP. B. equals potential GDP. C. exceeds potential GDP. D. causes inventory levels to fall.
Economics