True or False

1) The peak and the trough represent the turning points of a business cycle.

2) The unemployment rate is the number of people unemployed divided by the total population of the nation.

3) Structural unemployment is unemployment caused by skills that do not match what employers require or from being geographically separated from job opportunities.

4) An autoworker who is laid off because the economy enters a recession would be frictionally unemployed.

5) For the consumer price index to register inflation, the prices of all goods and services must increase over a period of time.

6) The most frequently cited indicator of inflation is the gross domestic product deflator.

7) Looking at the business cycle, the low point of real GDP, just before it begins to turn up, is called the recession.