When determining potential GDP, economists define the workforce as fully employed when
A) each worker who wants to work has a job.
B) each worker who has a job is working up to his or her full potential.
C) the real wage is such that the demand and supply of labor are equal.
D) all of the above.
E) none of the above.
Correct Answer:
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Q4: Empirical evidence about the labor supply curve
Q5: Long-run economic growth is
A) no longer possible
Q6: Positioning the subsistence line in the Malthusian
Q7: The substitution effect on the quantity of
Q8: In making employment decisions, profits are maximized
A)
Q10: Suppose that a labor market were initially
Q11: The long-run growth model attempts to explain
A)
Q12: The demand for labor is
A) a downward-sloping
Q13: Empirical evidence seems to suggest that the
Q14: Malthusian growth theory
A) has been disproven for
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