C) is $45. C) 160 D) 280. Thus all legally and newly produced goods within a countries boundaries qualify as part of the Gross Domestic Product. The rate of unemployment tends to be lowest for: A) black teenagers. c. The services of a painter in painting the family home (be specific about if it is the painter's home or a client's home). All other trademarks and copyrights are the property of their respective owners. e. A $2 billion increase in business inventories. D) has not occurred. Use the following to answer questions 6-7: Assume an economy which is producing only one product. B) the total income generated by that good's production. Refer to the above information. ivate domestic investment was minus $208 million. C) the official unemployment rate will remain unchanged. Social security payments received by a retired factory worker c. The services of a painter in painting the family home d. The income of a dentist e. The money received by Smith when she sells her economics textbook to a book buyer f. [included or excluded? The number of employed workers in the economy is: A) 38 million B) 40 million C) 42 million. He was laid off six months ago as the economy weakened. Sie können Ihre Einstellungen jederzeit ändern. Which of the following are included or excluded in this year’s GDP? D) cannot be determined on the basis of this data. b. D) declining populations. 39. (a) A monthly scholarship check received by an economics student (b) The purchase of a new truck by a trucking company Judged by international standards, the national... John is a farmer who grows apples. Canadian imports: A) cannot be calculated B) are $26. In order to make the 1998 GDP comparable with the base year GDP the 1998 GDP must be: A) adjusted downward to $678 billion. i. - Definition & Importance, Types of Internal Organizational Change: Structural, Strategic, People, and Process, Gross Domestic Product: Items Excluded from National Production, What Are the Stages of Dying? b. Refer to the above information. Become a Study.com member to unlock this A monthly scholarship cheque received by an economics student b. Services, Working Scholars® Bringing Tuition-Free College to the Community. 10. C) $180 and $120. Interpret the following statements from newspapers in terms of the type of unemployment. Five million of the part-time workers switch to full-time work. D) employed Use the following to answer questions 12-13: The following information is about a hypothetical economy: Full-time employed - 80 Part-time employed 25 Unemployed = 150 Discouraged workers = 5 Members of underground economy Consumer Price Index - 110 12. Which individual is frictionally unemployed? B) structural C) cyclical. D) real incomes are rising. Damit Verizon Media und unsere Partner Ihre personenbezogenen Daten verarbeiten können, wählen Sie bitte 'Ich stimme zu.' 13. 26. C) be determining value added for the economy. C) may cause the official unemployment rate to understate the amount of unemployment. Dr. Homer Simpson, an economics professor, decided to take a year off from teaching to run a commercial fishing boat in P.E.I. This quote describes some of the A) consequences of the hyperinflation that accompanies a recession. Mollie just graduated from university and is now looking for work. a. D) cannot be changed through public policy. It measures the final value of newly produced goods sold within a nation. Explain your reasoning. The current year per unit prices of these three goods are A - $2,B - $3, and C-$1. However, not all commodities are part of the GDP. B) 57. B) reasons for the natural rate of unemployment. View desktop site, 1)a)Scholarship received would be excluded from GDP calculation as it is a part of transfer payment. c. Unpaid services of a family member in painting the family home. c. Unpaid services of a family member in painting the family home. B) frictionally unemployed. B) deflated to $896 billion. B) excluded from GDP because an intermediate good is involved. Consider the population of a small country, assuming that the number of people in each category is as follows:(5 marks) Total population = 1,200 Children under age 16 = 200 Elderly retired people = 300 Full-time students = 20 Full-time homemakers = 30 People working full time = 420 People working part time = 120 People not working but seeking employment = 60 People not working but have given up seeking employment=50 a. a. Privacy C) 16.7 percent D) 25 percent. D) 44 million. D) white adult males. 37. 8. B) is found by adding the cyc C) may change from one decade to another. Anne Kasperson works in her own home as a full-time caretaker and homemaker. D) characteristics of structural unemployment. Refer to the above information. 'Recession hits local factory; 1,800 workers laid off V. 'Due to the additional job gains in the labor market, the economy is now experiencing full employment, in spite of the measured unemployment rate of 6.5%'. | (circle one) c. The unemployment rate is: A) 18.8 percent. The ZZZ Corporation issued $25 million in new common stock in 1998. answer! C) chemicals purchased by Green Grass Lawn Care. If the per unit prices of the three goods each were $1 in a base year used to construct a GDP price index, then real GDP in the current year: A) is $110. Which of the following are included in this year's GDP? 'A middle-aged woman who re-entered the labor force after home-schooling her kids gave up after several months of looking but not finding a job. C) prices in the aggregate are rising, although some particular prices may be falling. a. Assume Smith is temporarily unemployed because he has voluntarily quit his job with company A and will begin a better job next week with company B. Smith will be considered as: A) cyclically unemployed. 14. B) $115. 1. Use the following to answer questions 19-21: The descriptions give the responses of four individuals to Statistics Canada. 30. b. D) the size of the labour force will increase. D) are $11. 15. Refer to the above data. 36. A business buys $5,000 worth of resources to produce a product. D) inventories in 2000 fell by $75 billion. 38. C) persistent full employment. d. Income of a dentist from the dental services provided. Calculate the labor force participation rate. As a result, investment: A) of $7 million has occurred. Suppose a nation's 1998 nominal GDP was $972 billion and the general price index was 90. 33. 31. We can conclude that: A) GDP in 2000 is $525 billion. D) all of the above. b. He tried to find another job for a year, but was unsuccessful and quit looking for work. C) decline. B) government purchases. Suppose there are 5 million unemployed workers seeking jobs. 11. D) included in GDP because it reflects production 17. Q1 Which of the following are included and which are excluded in calculating this year's GDP. 29. The services of a comercial painter in painting the family home. 2. Ryan lost his job last year when his company downsized and laid off middle-level managers. B) cyclical. By summing the dollar value of all market transactions in the economy we would A) be determining the market value of all resources used in the production process. C) secularly unemployed. The unemployment created by introduction of automatic elevators would be considered: A) wait. Suppose the total market value of all final goods and services produced in a particular country in 2000 is $600 billion and the total market value of final goods and services sold is $525 billion. B) all prices are rising and at the same rate. e. C) 5 percentage points. Nominal GDP in the current year is: A) $110. Cyclical unemployment is a consequence of: A) a decline in aggregate spending. B) flowers purchased by homeowner Lenny Davis. D) We need more information to determine whether GDP has changed. Tom Atoe grows tomatoes for home consumption. 3. This meant that: e domestic investment exceeded depreciation by $208 million. Wir und unsere Partner nutzen Cookies und ähnliche Technik, um Daten auf Ihrem Gerät zu speichern und/oder darauf zuzugreifen, für folgende Zwecke: um personalisierte Werbung und Inhalte zu zeigen, zur Messung von Anzeigen und Inhalten, um mehr über die Zielgruppe zu erfahren sowie für die Entwicklung von Produkten. C. How does the unemployment rate understate the problem of unemployment? An auto dealer's sale of a new car to a nonbusiness customer. D) $90 Page 2 C) the everyday dynamics of a free labour market. b. D) be measuring GDP. B) is $115. Page 3 a. The presence of discouraged workers: A) increases the size of the labour force, but does not affect the unemployment rate. Use the following to answer questions 27-28: All figures are in billions of dollars. B) reduces the size of the labour force, but does not affect the unemployment rate. [text: E p. 488; MA p. 132] 12. B) of $25 million has occurred. Social Security payments received by a retired factory worker. Choose the multiple choice answers which, when... 1. a. a. An auto dealer's sale of a new car to a nonbusiness customer. b, d, e, f are all included in GDP. B) 12.5 percent. In 1933 net priva A) the economy was expanding in that year. Create your account. C) $45. Examples include reselling of used products, illegal sales, sale of goods made in foreign countries, and government transfer payment. Explain your answer in each case. Year Units of output Price per unit 6. Refer to the above data. Explain your answer in each case. Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the federal government cut defence spending. The gross domestic product is: A) $328. Q2a. f. Government purchases of newly produced aircraft. Daten über Ihr Gerät und Ihre Internetverbindung, darunter Ihre IP-Adresse, Such- und Browsingaktivität bei Ihrer Nutzung der Websites und Apps von Verizon Media. Refer to the above information. "Depression means idleness. D) consumption. a. D) deflated to $1080 billion. C) black adult males. 23. C) investment. 11. Which of the following are included in this year’s GDP? B) NDI in 2000 is $525 billion. 'Of course, I could take a job as a dishwasher, but I'm trying to find someth makes use of my high school education", says a local teenager in our survey of * unemployed ii. Interest received on an AT&T corporate bond: . She has had three job interviews in the past month. B) We can say with certainty that th e can say with certainty that the GDP has increased by $100. The service of a mechanic in fixing his own car i. - Definition, Components & Measurement, Demand-Pull Inflation vs Cost-Push Inflation, Fixed Costs: Definition, Formula & Examples, Effects of Inflation on Suppliers and Demanders, Variable Cost: Definition, Formula & Examples, Three Types of Unemployment: Cyclical, Frictional & Structural, Seasonal Unemployment: Definition & Examples, The Money Market: Money Supply and Money Demand Curves, Function & Anatomy of the Muscles of the Face, Neck & Back, Foreign Currency Exchange: Supply and Demand for Currency, What is Physical Fitness? C) noneconomic costs of unemployment. George works in an automotive assembly plant. C) GDP in 2000 is $600 billion. Which individual is cyclically unemployed? 19. C) productive but is excluded from GDP because no market transaction occurs. D) technological change. Explain your answer in each situation. Explain in each instance. Interest on an AT&T bond b. 34. Interest on an AT&T bond.

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