Statement I: When the Unemployment Rate Is 7% There Is

question 161

Multiple Choice

Statement I: When the unemployment rate is 7% there is some cyclical unemployment.
Statement II: Most of the unemployed are collecting unemployment insurance benefits.

• A)Statement I is true and statement II is false.
• B)Statement II is true and statement I is false.
• C)Both statements are true.
• D)Both statements are false.

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Definitions:

Balance of Payments

A financial statement that summarizes a country’s transactions with the rest of the world, including imports, exports, and capital flows.

Credit Item

An entry that increases the balance in a bank account or financial statement, signifying an inflow of funds.

American Car

Refers to automobiles manufactured by companies based in the United States, known for their significant contribution to the automotive industry.

Current Account

A component of a country's balance of payments that includes the balance of trade, net income from abroad, and net current transfers.