If Full Employment Is Defined by an Unemployment Rate of 5

question 58

Multiple Choice

If full employment is defined by an unemployment rate of 5 percent,potential GDP can be estimated by multiplying

• A) last year's GDP times 1.05.
• B) the average output of the workforce times 95 percent.
• C) the normal hours of work times last year's GDP times 100.
• D) 95 percent of the labor force times the normal hours of work per year times the average output per hour of work.
• E) the normal hours of work per year times the average output of the white-collar worker at the relevant time times 95.

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Definitions:

Symbolic

Using symbols or symbolism to depict or stand for something else, particularly abstract concepts.

Generative

Pertaining to the capacity of something, such as a grammar or a cognitive process, to produce or create a potentially infinite number of entities or elements, like sentences or ideas.

Phonetic

Relating to the sounds of speech and their production, transmission, and reception.

Symbolic

Pertaining to symbols or the use of symbols in communication, representation, or expression of ideas and concepts.