The market value of final goods and services produced within a country during a
period of time is called:
guaranteed direct prices.
general domestic productivity.
government documented production.
gross domestic product.
growth determined profit.
If an economy produces 3 million oranges that sell for $0.25 each and 100,000 cars
that sell for $25,000 each, then when the market value of total output is calculated:
oranges receive a greater weighting than cars.
oranges receive the same weighting as cars.
oranges receive a smaller weighting than cars.
the market value of oranges is excluded.
the market value of cars is excluded.
A drawback of using market values to aggregate the quantities of goods and services
produced in an economy is that:
higher-priced items count more.
GDP increases when not all goods are produced in greater quantities.
market prices generally reflect the economic benefit consumers expect to receive
from an item.
not all economically valuable goods and services are bought and sold in markets.
lower-priced items count more.
The additional goods and services produced by women in the United States as their
labor force participation increases represent:
an increase in economic activity.
a switch from market to non-market production.
a switch from non-market to market production.
a decrease in economic activity.
no change in economic activity.
The greater demand for paid childcare services as women's labor force participation
increases represents primarily:
an increase in economic activity.
a switch from market to non-market production.
a switch from non-market to market production.
a decrease in economic activity.
a decrease in GDP.
If a pizza maker pays $1 for tomatoes, $1 for cheese, $2 for sausage, and sells the pizza
made with these ingredients for $7, then each pizza sold contributes how much to
GDP?
$3
$4
$7
$9
$11
Which of the following is an example of an intermediate good?
A new car sold to a family.
A metal-stamping machine used to produce cars sold to an automaker.
A new CD player sold to an automaker for installation in a car.
A new CD player sold to a teenager.
A two-year-old car sold to a family.
Capital goods are treated as ________ goods and, therefore,________ GDP.
final; included in
final; excluded from
intermediate included in
intermediate; excluded from
non-market; excluded from
Which of the following would be included in the GDP of the United States?
Boeing builds a plane in Seattle that is sold to Air Canada.
Daimler Chrysler produces a car in Germany that is sold in Michigan.
Nestle produces a candy bar in Switzerland that is sold in San Francisco.
Planet Hollywood provides dining services in a restaurant in Hong Kong.
Disney provides entertainment services in an amusement park in Japan.
The four components of aggregate expenditures are:
consumption, imports, government spending, and net exports
consumption, interest payments, government spending, and net exports
consumer durables, investment, government spending, and net exports
consumption, imports, government spending, and exports
consumption, investment, government spending, and net exports.
Who of the following would be counted as unemployed?
A person with a part-time job.
A person with a full-time job.
A person willing to work, who had looked for a job in the last week.
A person willing to work who had not looked for a job in two months.
A retired person.
Who of the following would be classified as employed?
Brenda Smith, an 18 year old full-time college student.
Mario Faubert, a NHL hockey player at home sick with the flu.
Jack Little, a 21 year old new college graduate actively looking for his first job.
Sarah Lopez, a retired public school teacher.
Amanda Pie, a full-time homemaker.
The unemployment rate equals the number of people:
unemployed.
unemployed divided by the number employed.
unemployed divided by the labor force.
unemployed plus discouraged workers divided by the labor force.
unemployed plus discouraged workers divided by the number employed.
In a country with 200 million people aged 16 years and older, 120 million in the labor
force, and 114 million employed, what is the unemployment rate?
3 percent
4 percent
5 percent
6 percent
7 percent
In a country with 200 million people aged 16 years and older, 120 million in the labor
force, and 114 million employed, what is the participation rate?
5 percent
57 percent
75 percent
60 percent
95 percent
All of the following are costs of unemployment EXCEPT:
lost income.
lost self esteem.
lost job skills.
feelings of loss of control over one's life.
lost leisure time.
An unemployment spell is a period during which:
the unemployment rate is less than 10 percent.
the unemployment rate exceeds 15 percent.
an unemployed individual leaves the labor force and then returns.
an unemployed individual discontinues all job search activity.
an individual is continuously unemployed.
People who say that they would like to have a job but have not made an effort to find a
job in the past four weeks are called ________ workers.
unemployed
involuntary part-time
discouraged
chronically unemployed
short-term unemployed
Jim Brown would like to work, but has not looked for work in the past four weeks
because he does not believe any jobs are available. In the official employment statistics,
Jim is classified as:
employed.
unemployed.
out of the labor force.
out of the population.
underemployed.
Susan Suarez would like to work forty hours per week, but can only find twenty hours
per week of work. In the official employment statistics, Susan is classified as:
employed.
unemployed.
out of the labor force.
out of the population.
underemployed.
Who of the following is counted as unemployed?
Ray wants to work forty hours per week, but can only find work for twenty hours
per week.
Anna Marie spends all of her time taking care of her children at home.
Frank would like to work, but has not looked for work because he believes no jobs
are available.
Melissa has a Ph.D. in physics, but is currently employed full time driving a taxi.
Martin has been offered several jobs in the past four weeks, but has chosen not to
accept any of the offers.
Two groups of workers not counted as unemployed in the official unemployment
statistics are ________ workers.
chronically unemployed and short-term unemployed.
chronically-unemployed and discouraged.
chronically unemployed and involuntary part-time.
discouraged and short-term unemployed.
discouraged and involuntary part-time.
Real GDP is GDP adjusted for:
changes in the quality of goods and services.
value-added during a previous year.
inflation.
imports.
changes in the cost of intermediate goods and services.
From an economic perspective, the main cost of unemployment is:
increased crime, domestic violence, alcoholism, and drug abuse.
a loss of output and income because the labor force is not fully employed.
increased stress, loss of self-esteem and a deterioration in the workers skills from
lack of use.
the workers' loss of income and control over their life.
the increase in the cost of social programs to combat increased crime, alcoholism,
drug abuse and other social problems.
The accuracy of the official unemployment rate is criticized because:
unemployed homemakers and students who are not actively seeking employment
are not included in the number of unemployed people.
people who would like to work but have given up trying to find work are not
included in the number of unemployed people.
it fails to indicate how many people work at more than one job.
people under 16 years of age and over 70 years of age are excluded from the data.
the BLS survey does not include all the household in the U.S.
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