ECO201-B500

Unpaid work is included in the calculation of GDP.

• True

• False

Labour underutilization includes individuals who are officially unemployed, as well as those who work part-time but desire full-time work.

• True

• False

Cyclical unemployment is caused by predictable fluctuations in job demand due to seasonal variations.

• True

• False

GDP measures the value of all intermediate goods and services produced within a country's borders.

• True

• False

The business cycle refers to the recurring pattern of expansion and contraction in economic activity within an economy over time.

• True

• False

Efficiency in economics focuses on getting the best out of available resources and is a central idea in both macroeconomics and microeconomics.

• True

• False

Equilibrium in a market occurs when supply exceeds demand.

• True

• False

The conflict theory suggests that inflation is a result of power struggles between workers and capital within a capitalist system.

• True

• False

Labour underutilization refers only to individuals who are officially unemployed.

• True

• False

Inflation is defined as a continuous rise in the price level over time.

• True

• False