When the economy is operating at a level of real GDP that is greater than its potential level, we know that
A) the structural rate of unemployment is negative.
B) the frictional unemployment is zero.
C) the actual unemployment rate is greater than the natural rate of unemployment.
D) the cyclical rate of unemployment is negative.
D
Economics
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The mutual relationship between two events is known as ________, and when one event is responsible for the other even happening, this is known as ________
A) causation; correlation B) correlation; causation C) symbiosis; correlation D) causation; symbiosis
Economics
When efficiency is attained, the sum of the total amount of consumer surplus and producer surplus is
A) minimized. B) maximized. C) equal to the deadweight loss. D) undefined. E) equal to zero.
Economics