If policy makers think the natural rate of unemployment is lower than it really is, then their policies designed to move the economy to the estimated natural rate, if continued over the long run, will:
a. cause continuing inflation.
b. shift the long-run aggregate supply curve to the right.
c. shift the supply curve of labor to the right.
d. lead to a lower price level.
e. keep the economy below its potential GDP level.
Question 2
One of the limitations of the national income accounting system is:
a. valuing all output at its market price regardless of its contribution to society's economic welfare.
b. placing a market value on all negative externalities.
c. accurately measuring the value of leisure time.
d. double counting food produced on a farm for family consumption.
e. ignoring government production of goods and services.
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