The rate of unemployment when the economy is fully employed is called the rev: 05_30_2018 Multiple Choice structural rate of unemployment. frictional rate of unemployment. natural rate of unemployment. full-employment rate of unemployment.

The natural rate of unemployment, is the right answer.

Explanation:

The natural rate of unemployment is the correct answer because an economy operating at full employment level means that it is using all its available resources efficiently but still there are some people who are changing their jobs and also many people who will lose their job due to technological advancement. Thus, the natural rate of unemployment is the sum of frictional and structural unemployment.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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