When the Labor Market Is in Equilibrium So That the Quantity

question 136

Multiple Choice

When the labor market is in equilibrium so that the quantity of labor supplied equals the quantity demanded,

• A)there is no unemployment.
• B)there is no inflation.
• C)nominal GDP equals real GDP.
• D)the economy is at full employment.
• E)real GDP might be more than, less than, or equal to potential GDP.

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Definitions:

Prokaryotes

Single-celled organisms without a nucleus, including bacteria and archaea, characterized by the absence of membrane-bound organelles.

Element

A substance consisting of atoms with the same number of protons in their nuclei, representing the simplest form of chemical substances.

Isotopes

Variants of a particular chemical element that have the same number of protons but different numbers of neutrons in their nuclei.