ECON202 - Quiz _1 Version 3

ECON202 - Quiz _1 Version 3 - Quiz#1 Version 3 1 Full...

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Quiz #1 Version 3 1. Full employment occurs when a. everyone has a job b. everyone who wants a job has one c. there is no frictional unemployment d. there is no cyclical unemployment e. there is no structural, frictional, and seasonal unemployment 2. Assume net exports are -$220, consumption is $5,000, tax revenues are $1,000, government purchases are $1,500, and 2003 GDP, calculated by the expenditure approach, is $8,000. We can conclude that
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