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Economics

1. Use the following information to answer the next fifteen questions. The following graph depicts a market where a tax has been imposed. Pe was the equilibrium price before the tax was imposed, and Qe was the equilibrium quantity. After the tax, PC is the price consumers pay, and PS is the price producers receive. QT units are sold after the tax is imposed. NOTE: The areas B and C are rectangles that are divided by the supply curve ST. Include both sections of those rectangles when choosing your answers. s A P B P ? P. E Q O Which area(s) represent consumer surplus after the tax is imposed? a) B+C+F
?? B Pe G ? P E a. Which area(s) represent consumer surplus after the tax is imposed? 9 a) B+ C + F -2 Ob) F+G 15 O c A 48 d) A+B+F Oe) A+B

2.When the rate of cyclical unemployment is zero, the a. natural rate of unemployment must also be zero. b. rate of frictional unemployment must be negative. c. economy must have entered a recessionary stage. O d. economy is considered to be at full employment. ?

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2.When the rate of cyclical unemployment is zero, the economy is considered to be at full employment.

At the full employment, there is no fluctuations in the economy.

Cyclical unemployment is the difference between the total unemployment rate and the natural rate, associated with recessions. Beyond this increase in unemployment, labor market conditions generally worsen during recession.

The unemployment rate that prevails when cyclical unemployment is zero, so that the economy has neither a recessionary nor an expansionary output gap.

The Cyclical Unemployment Rate Equation is given as ; u - u*, where, u is actual unemployment rate and u* is natural rate of unemployment.

Cyclical unemployment is positive when there is a recessionary gap,negative when there is an expansionary gap and Cyclical unemployment is zero when there is no output gap.

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