Frictional unemployment is defined as
A. all unemployment above the natural rate
B. unemployment that is cyclical in nature
C. the natural unemployment rate minus cyclical unemployment
D. unemployment resulting from people shifting between jobs and looking for new jobs
E. any unemployment that is above 6%
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If output is at its full-employment level, then
A. the actual unemployment rate is zero
B. the natural rate of unemployment is zero
C. there are no frictions in the labor market since wages have reached their market-clearing level
D. there is still some positive level of unemployment due to frictions in the labor market
E. nobody who is currently employed is looking for a new job
Which of the following countries is NOT one of the "Asian Tigers"?
A. Hong Kong
B. Japan
C. Singapore
D. South Korea
E. Taiwan
The "Asian Tigers" achieved high economic growth from 1966 to 1990 in part because they
A. had very high savings rates
B. successfully controlled their population growth
C. devoted many resources to education
D. both B) and C)
E. both A) and C)
Which of the following was NOT a common element contributing to the growth of the four "Asian Tigers" between 1966 and 1990?
A. an increase in the labor force participation rate
B. high educational achievement
C. a high savings rate
D. emphasis on laissez-faire economics
E. an increase in total factor productivity achieved by higher levels of inputs
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