If the unemployment rate is 7 percent,our economy is operating

Name: If the unemployment rate is 7 percent,our economy is operating
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Question

Quizplus · Accepted Answer

An unemployment rate of 7 percent indicates that there are some resources in the economy that are not being fully utilized, which suggests that the economy is operating inside the production possibility curve. If the economy were operating on or outside the curve, it would indicate that all resources were being fully utilized, and there would be no unemployment.

If the Unemployment Rate Is 7 Percent,our Economy Is Operating