Equilibrium in the Economy Means

question 59

Multiple Choice

Equilibrium in the economy means

• A)unemployment is zero.
• B)quantities demanded and supplied are equal in all markets.
• C)prices are not changing over time.
• D)tax revenues equal government spending, so the government has no budget deficit.

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Definitions:

Consolidated Omnibus Budget Reconciliation Act

A federal law in the United States that provides individuals and their families the right to continue health care coverage under the group plan for limited periods under certain conditions.

Unemployment Insurance

A federally mandated program to minimize the hardships of unemployment through payments to unemployed workers, help in finding new jobs, and incentives to stabilize employment.

Voluntary Unemployment

The condition of being without employment by choice, often due to personal reasons rather than external economic conditions.