51) Full employment occurs when
A) the unemployment rate is zero.
B) the cyclical unemployment rate is zero.
C) the frictional unemployment rate is zero.
D) the sum of frictional and structural unemployment is zero.
E) the structural unemployment rate is zero.
52) Full employment occurs when
A) structural unemployment is zero.
B) cyclical unemployment is zero.
C) frictional unemployment is zero.
D) structural and frictional unemployment are zero.
E) the unemployment rate equals zero.
53) When the economy is at full employment,
A) 100 percent of the labor force is employed.
B) there is no structural or cyclical unemployment.
C) there is no cyclical unemployment.
D) there is only frictional unemployment.
E) the natural unemployment rate equals zero.
54) Full employment means that
A) the unemployment rate is below 6 percent.
B) there is no cyclical unemployment.
C) the unemployment rate is zero.
D) the frictional unemployment rate is equal to the structural unemployment rate.
E) there is no frictional unemployment.
55) When the economy is at full employment, the
A) natural unemployment rate is equal to 0 percent.
B) natural unemployment rate equals the unemployment rate.
C) natural unemployment rate is equal to 10 percent.
D) unemployment rate is equal to 0 percent.
E) frictional unemployment rate is equal to 0 percent.
56) Full employment occurs when the
A) unemployment rate equals the natural unemployment rate.
B) structural unemployment rate equals the frictional unemployment rate.
C) natural unemployment rate equals the frictional unemployment rate.
D) cyclical unemployment rate equals the natural unemployment rate.
E) structural unemployment rate equals zero.
57) Full employment is the level of unemployment that occurs
A) when everyone looking for a job has a job.
B) when cyclical unemployment is zero.
C) when frictional and structural unemployment are zero.
D) when frictional, structural, and cyclical unemployment are zero.
E) None of the above answers is correct.
58) Full employment means that
A) 100 percent of the labor force have jobs.
B) only those who are willing, able and looking for work are unemployed.
C) the cyclical unemployment rate is zero.
D) the natural unemployment rate is zero.
E) the frictional unemployment rate is zero.
59) At full employment there still exists some unemployment because
A) some portion of our population will always be too lazy to work.
B) there are always people too old or young to be in the labor force.
C) the U.S. economy is constantly creating and destroying jobs.
D) it is unnatural to have all people work 40 hours per week.
E) real GDP can never exceed potential GDP.
60) In 2012, real GDP in the United States was below potential GDP. This fact definitely means that
A) the unemployment rate was near 10 percent.
B) the unemployment rate was above the natural unemployment rate.
C) the economy was in an expansion.
D) cyclical unemployment had been decreasing.
E) frictional unemployment was negative.
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