Question 2 Evaluate whether the following statements are true or false. Justify your answers. (2ai) If...
Question 2
Evaluate whether the following statements are true or false. Justify your answers.
(2ai) If country A has a higher level of real GDP per person than country B, then people in Country A must enjoy a higher standard of economic welfare than people in Country B.
(2aii) Nominal GDP must always be higher than real GDP.
(2aiii) The actual output can be higher than the potential output.
2b) Explain the relationship(s) between full employment, cyclical unemployment, the natural unemployment rate, and potential GDP.
Homework Answers
i.True.
A higher level of per capita GDP does signify a higher standard of living.
ii.False.
Nominal GDP can be less than real GDP during recession.
iii.True.
Actual output can be greater than potential output during periods of peak.
B.Full employment is equal to natural rate of unemployment
The cyclical unemployment rate is the difference between the natural unemployment rate and the current rate.
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