GDP, inflation,unemployment - Assignment Essays

question

In which of the four sectors that make up GDP would the purchase of a foreign automobile be included?

answer

Net exports of goods and services

question

In which of the four sectors that make up GDP would the purchase of airplanes by the United States Air Force be included?

answer

government purchases of goods and services

question

In which of the four sectors that make up GDP would the salary paid to a city police officer be included?

answer

government purchases of goods and services

question

The purchase of a new washing machine would be included in which of the following four sectors that make up GDP?

answer

personal consumption expenditures

question

Your purchase of several CDs would be included in which of the following four sectors that make up GDP?

answer

personal consumption expenditures

question

The construction of a new shopping mall is an example of an item that would be included in which of the following four sectors that make up GDP?

answer

gross private domestic investment

question

Childcare performed by a relative for free is not reflected in GDP because

answer

GDP does not measure nonmarket activities

question

Drug dealing is not reflected in GDP because

answer

it does not measure the underground economy.

question

Which national income and product account measures the total dollar value of all final output produced with factors of production owned by residents of a country?

answer

gross domestic product

question

The study of unemployment is part of macroeconomics because

answer

unemployment hurts the economy as a whole

question

A person if classified as employed if during the taking of the Current Population Survey they

answer

worked without pay in a family business for 15 hours.

question

The unemployment rate is

answer

-the most closely watched and highly publicized labor force statistic.
-a rate that tends to rise in recessions and fall during expansion.
-the percentage of people in the civilian labor force that is unemployed.

question

An example of an underemployed person is

answer

a doctor working as a store clerk.

question

Full employment means

answer

the unemployment rate is about 5 percent.

question

Frictional unemployment

answer

-is a normal part of a healthy economy.
-often is a signal that new jobs in new industries are becoming available.
-reflects workers' freedom of choice in the labor market

question

A person who leaves a job to look for a better one is an example of

answer

frictional unemployment.

question

Structural unemployment can result from

answer

the decline of an industry.

question

Seasonal unemployment

answer

- particularly affects agricultural workers.
-fluctuates in a predictable way
-sometimes clouds economists' efforts to draw conclusions about causes of unemployment.

question

During the winter months, many farm workers face

answer

seasonal unemployment

question

During the Great Depression of the 1930's, the United States faced severe

answer

cyclical unemployment

question

Keith lost his job at his company's telephone switchboard when the company installed an automated phone system. Which type of unemployment did Keith experience?

answer

structural

question

Cyclical unemployment

answer

-has challenged the U.S. economy throughout the 1900s.
-reached an all-time high during the Great Depression.
-harms the economy more than any other type of unemployment.

question

Serious recessions in 1974-75, 1980-82, and 1990-91 were marked by high levels of

answer

cyclical unemployment.

question

Demand-pull inflation can result from

answer

-aggregate demand increasing faster than aggregate supply.
-an increase in the availability of credit.
- an increase in the money supply

question

Cost-push inflation

answer

producers raise prices to cover higher resource cost

question

When prices rise, workers often bargain for higher wages to stay ahead of inflation. To cover the cost of these higher wages, producers often raise prices, continuing the cycle. What do economists call this cycle?

answer

the wage-price spiral

question

Inflation

answer

increases the costs of production.
Tends to lead to increased interest rates.
reduces the value of real wages

question

The difference between real and nominal GDP is that real GDP is adjusted for

answer

inflation.

question

Which condition is considered normal in the United States?

answer

creeping inflation

question

Why is consumer confidence important to the business cycle?

answer

...

question

What is the formula for GDP? Draw and Label

answer

C + I + G + (X-M)
-Household consumption(c)
-Business investment(i)
-Gov purchases(G)
-Exports-imports (x-m)

question

nominal GDP:
real GDP:

answer

doesn't measure inflation
at todays prices
real: constant $$

question

Why is the unemployment rate never at zero percent?

answer

because of the population of people not even in the workforce

question

Who is considered in the labor force? Give examples

answer

employed and not emplyed

question

What are intermediate goods?

answer

semi-finished products are goods , such as partly finished goods, used as inputs in the production of other goods including final goods.

question

What are the main causes of inflation?

answer

demand pul: increases demand
cost-push: higher prod. prices increase and prices go up

1 of 36

question

In which of the four sectors that make up GDP would the purchase of a foreign automobile be included?

answer

Net exports of goods and services

question

In which of the four sectors that make up GDP would the purchase of airplanes by the United States Air Force be included?

answer

government purchases of goods and services

question

In which of the four sectors that make up GDP would the salary paid to a city police officer be included?

answer

government purchases of goods and services

question

The purchase of a new washing machine would be included in which of the following four sectors that make up GDP?

answer

personal consumption expenditures

question

Your purchase of several CDs would be included in which of the following four sectors that make up GDP?

answer

personal consumption expenditures

question

The construction of a new shopping mall is an example of an item that would be included in which of the following four sectors that make up GDP?

answer

gross private domestic investment

question

Childcare performed by a relative for free is not reflected in GDP because

answer

GDP does not measure nonmarket activities

question

Drug dealing is not reflected in GDP because

answer

it does not measure the underground economy.

question

Which national income and product account measures the total dollar value of all final output produced with factors of production owned by residents of a country?

answer

gross domestic product

question

The study of unemployment is part of macroeconomics because

answer

unemployment hurts the economy as a whole

question

A person if classified as employed if during the taking of the Current Population Survey they

answer

worked without pay in a family business for 15 hours.

question

The unemployment rate is

answer

question

An example of an underemployed person is

answer

a doctor working as a store clerk.

question

Full employment means

answer

the unemployment rate is about 5 percent.

question

Frictional unemployment

answer

-is a normal part of a healthy economy.
-often is a signal that new jobs in new industries are becoming available.
-reflects workers' freedom of choice in the labor market

question

A person who leaves a job to look for a better one is an example of

answer

frictional unemployment.

question

Structural unemployment can result from

answer

the decline of an industry.

question

Seasonal unemployment

answer

- particularly affects agricultural workers.
-fluctuates in a predictable way
-sometimes clouds economists' efforts to draw conclusions about causes of unemployment.

question

During the winter months, many farm workers face

answer

seasonal unemployment

question

During the Great Depression of the 1930's, the United States faced severe

answer

cyclical unemployment

question

Keith lost his job at his company's telephone switchboard when the company installed an automated phone system. Which type of unemployment did Keith experience?

answer

structural

question

Cyclical unemployment

answer

-has challenged the U.S. economy throughout the 1900s.
-reached an all-time high during the Great Depression.
-harms the economy more than any other type of unemployment.

question

Serious recessions in 1974-75, 1980-82, and 1990-91 were marked by high levels of

answer

cyclical unemployment.

question

Demand-pull inflation can result from

answer

-aggregate demand increasing faster than aggregate supply.
-an increase in the availability of credit.
- an increase in the money supply

question

Cost-push inflation

answer

producers raise prices to cover higher resource cost

question

answer

the wage-price spiral

question

Inflation

answer

increases the costs of production.
Tends to lead to increased interest rates.
reduces the value of real wages

question

The difference between real and nominal GDP is that real GDP is adjusted for

answer

inflation.

question

Which condition is considered normal in the United States?

answer

creeping inflation

question

Why is consumer confidence important to the business cycle?

answer

...

question

What is the formula for GDP? Draw and Label

answer

C + I + G + (X-M)
-Household consumption(c)
-Business investment(i)
-Gov purchases(G)
-Exports-imports (x-m)

question

nominal GDP:
real GDP:

answer

doesn't measure inflation
at todays prices
real: constant $$

question

Why is the unemployment rate never at zero percent?

answer

because of the population of people not even in the workforce

question

Who is considered in the labor force? Give examples

answer

employed and not emplyed

question

What are intermediate goods?

answer

semi-finished products are goods , such as partly finished goods, used as inputs in the production of other goods including final goods.

question

What are the main causes of inflation?

answer

demand pul: increases demand
cost-push: higher prod. prices increase and prices go up

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