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Chapter 28 Unemployment TRUE/FALSE 1. Most people rely on income other than their labor earnings to maintain their standard of living. ANS: F DIF: 1 REF: 28-0 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Income | Standard of living MSC: Definitional 2. The amount of unemployment that a country typically experiences is a determinant of that countrys standard of living. ANS: T DIF: 1 REF: 28-0 NAT: Analytic LOC: Unemployment and inflation TOP: Unemployment | Standard of living MSC: Definitional 3. Some degree of unemployment is inevitable in a complex economy. ANS: T DIF: 1 REF: 28-0 NAT: Analytic LOC: Unemployment and inflation TOP: Unemployment MSC: Definitional 4. The amount of unemployment varies little over time and across countries. ANS: F DIF: 1 REF: 28-0 NAT: Analytic LOC: Unemployment and inflation TOP: Unemployment MSC: Definitional 5. When a country keeps its workers as fully employed as possible, it achieves a higher level of GDP than it would if it left many of its workers standing idle. ANS: T DIF: 1 REF: 28-0 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Employment | GDP MSC: Definitional 6. An economy’s natural rate of unemployment refers to the amount of unemployment that the economy normally experiences. ANS: T DIF: 1 REF: 28-0 NAT: Analytic LOC: Unemployment and inflation TOP: Natural rate of unemployment MSC: Definitional 7. Cyclical unemployment refers to the year-to-year fluctuations in unemployment around its natural rate. ANS: T DIF: 1 REF: 28-0 NAT: Analytic LOC: Unemployment and inflation TOP: Cyclical unemployment MSC: Definitional 8. The natural rate of unemployment is closely associated with the short-run ups and downs of economic activity. ANS: F DIF: 1 REF: 28-0 NAT: Analytic LOC: Unemployment and inflation TOP: Natural rate of unemployment MSC: Definitional 9. The natural rate of unemployment is the desirable rate of unemployment for an economy. ANS: F DIF: 1 REF: 28-0