True, False or Uncertain

#1 The unemployment rate and employment both go up. Alex says it is not possible for both to rise at the same time. Is Alex correct or incorrect? Why?

#1 The unemployment rate and employment both go up. Alex says it is not possible for both to rise at the same time. Is Alex correct or incorrect? Why? Alex is incorrect

#2 “Gross Domestic Product measures the amount of wealth in the economy” True, false or uncertain? Why

#2 “Gross Domestic Product measures the amount of wealth in the economy” True, false or uncertain? Why False

#3 “A decrease in Gross Domestic Product must reduce a person’s standard of living” True, false or uncertain? Why

#3 “A decrease in Gross Domestic Product must reduce a person’s standard of living” True, false or uncertain? Why False

#4 “If nominal GDP increases by 5 percent and the price level increases by 7 percent, real GDP has decreased” True, false or uncertain? Why

#4 “If nominal GDP increases by 5 percent and the price level increases by 7 percent, real GDP has decreased” True, false or uncertain? Why True

#5 “In preparing an index of prices, it is important that all commodities entering the index be given equal weight.” True, false or uncertain? Why

#5 “In preparing an index of prices, it is important that all commodities entering the index be given equal weight.” True, false or uncertain? Why False

#6 “Frictional and structural unemployment are two words for the same thing.” True, false or uncertain? Why

#6 “Frictional and structural unemployment are two words for the same thing.” True, false or uncertain? Why False

#7 “Unanticipated inflation helps fixed rate borrowers and hurts fixed rate lenders” True, false or uncertain? Why

#7 “Unanticipated inflation helps fixed rate borrowers and hurts fixed rate lenders” True, false or uncertain? Why True

#8 “Inflation always increases when unemployment decreases.” True, false or uncertain? Why

#8 “Inflation always increases when unemployment decreases.” True, false or uncertain? Why False

#9 “If the economy is at full employment, the unemployment rate is zero.” True, false or uncertain? Why

#9 “If the economy is at full employment, the unemployment rate is zero.” True, false or uncertain? Why False

#10 “Seasonal unemployment is a continual worry because people are out of work on a regular basis” True, false or uncertain? Why

#10 “Seasonal unemployment is a continual worry because people are out of work on a regular basis” True, false or uncertain? Why Uncertain