If the Structural Unemployment Rate Is 3 Percent,the Frictional Unemployment

question 17

True/False

If the structural unemployment rate is 3 percent,the frictional unemployment rate is 2 percent,and the current unemployment rate is 6 percent,then the economy is in a recessionary gap.

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Definitions:

Fringe Benefits

Benefits provided to employees in addition to wages and salaries.

Revenues And Expenses

The income a business earns from its operations and the costs incurred to generate that income.

Payroll Taxes

Taxes that are withheld from employees' wages by their employer and paid to the government, often including social security and medicare taxes.

Social Security Taxes

Taxes collected from employees and employers to fund the Social Security program, which provides benefits to retirees, disabled persons, and survivors of deceased workers.