Figure 17-2 -Refer to Figure 17-2.At Which Point Is the Unemployment Rate

question 215

Multiple Choice

Figure 17-2
-Refer to Figure 17-2.At which point is the unemployment rate equal to the natural rate of unemployment?

• A)A
• B)B
• C)C
• D)There is insufficient information on the graph to answer this question.

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Definitions:

Utility

In economics, the satisfaction or benefit derived from consuming a product or service.

Opportunities

Circumstances that make it possible to do something, often leading to new ventures or investments in economics.

Scarcity

The limits placed on the amounts and types of goods and services available for consumption as the result of there being only limited economic resources from which to produce output; the fundamental economic constraint that creates opportunity costs and that necessitates the use of marginal analysis (cost-benefit analysis) to make optimal choices.

Opportunity Costs

Missing out on potential gains from various alternatives once a particular option is picked.