3 In long-run macroeconomic equilibrium, the size of the output gap is: either positive or negative. positive. negative. zero. 4. Which form of unemployment is described by the given scenario? Many 9-5 workers may voluntarily decide to leave their current position to seek new employment. The rational is that it may be difficult to interview for jobs since similar positions may only conduct interviews during the 9-5 working business hours. Structural. Cyclical. This is not a form of unemployment. Frictional. 5. Which reason best describes why intermediary goods are not used in GDP calculations? Including intermediary goods would overstate GDP because we are double counting. All of the following describe why intermediary goods are not used in GDP calculations. GDP only considers goods used by the end user. Intermediary goods are inputs for the production of final goods and services. 6. Which of the following is indicative of a business cycle contraction? GDP per capita increases. Reduction of the budget deficit. An increase in the unemployment rate. None of these are indicative of a business cycle contraction. 7.True or False: According to the Classical Model of Price Level, countries that are experiencing high levels of inflation quickly respond to increases in the money supply because the stickiness of wages disappears. True. False