Homework Answers
Answer
12)
The correct answer is (c) overstate
GDP measures the value of final goods and services produced within the domestic territory of the country. It does not calculate the Burden on the environment, Resources that are getting destroyed, quality of life of the people like education , Health, etc are not measured when we calculate GDP. Hence, GDP overstate National well being.
Hence the correct answer is (c) overstate
13)
The correct answer is (d) An automobile manufactured in the United States that is Produced by German owned company
GDP measures the value of final goods and services produced within the domestic territory of the country. As among all of them only option (a) and (d) are the goods produced within the domestic territory of US. Note that US government has no records of illegal drugs, Hence it also not get included in US GDP.
Hence Only correct answer is (d) An automobile manufactured in the United States that is Produced by German owned company
14)
The correct answer is (d) The rate of structural and frictional unemployment.
When Economy output = Potential output, we can say that economy is at full employment and only Natural Unemployment exists. Natural Unemployment consists of Frictional and Structural Unemployment.
Hence If Economy Output = Potential Output, Then Unemployment rate = Rate of structural and frictional unemployment.
Hence, the correct answer is (d) The rate of structural and frictional unemployment.
15)
The correct answer is (a) Adding extra shifts of work, such as overtime or night shifts
In order to temporary increase output greater than potential Output, the main measure is to shift AS curve to the Right and with the given options only option (a) can temporary shift AS to the right. As at a given price extra work or overtime will result in more output and hence AS will shift to the right.
Hence, the correct answer is (a) Adding extra shifts of work, such as overtime or night shifts
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12. GDP would national well being if ecological costs are not netted out of. a. exactly...
d. Goods and services whose quality improves at til 12. When a student finishes college and...
d. Goods and services whose quality improves at til 12. When a student finishes college and begins looking for work. a. Cyclical unemployment increases. b. Structural unemployment increases. c. Frictional unemployment increases. d. Frictional and cyclical unemployment increase. 13. When the automobile replaced horse-drawn carriages as the principal means of transportation, firms producing horse-drawn carriages went bankrupt and permanently laid off all their workers, thereby increasing a. Frictional unemployment. b. Structural unemployment. c. Frictional and cyclical unemployment. d. Cyclical unemployment....
When real GDP grows more slowly than potential GDP, a. nominal GDP rises. b. the unemployment...
When real GDP grows more slowly than potential GDP, a. nominal GDP rises. b. the unemployment rate falls. c. labor productivity falls. d. the unemployment rate rises. 8. The unemployment rate is the number of unemployed people, expressed as a. a ratio of total employed to the population. b. a ratio of unemployed to the total employed. c. a percentage of the labor force. d. a percentage of the population. 9. If part of the labor force is unemployed, the...
The demand for automobiles rises when the economy experiences an expansion. If an automobile manufacturer hires...
The demand for automobiles rises when the economy experiences an expansion. If an automobile manufacturer hires additional workers during an expansion, this would be best described as an example of a reduction in a) cyclical unemployment. b) natural unemployment. c) structural unemployment. d) frictional unemployment. When the Fed increases the rate of growth of the money supply to jump start the economy, the unemployment type that will be directly affected is the a) frictional unemployment. b) cyclical unemployment. c) structural...
A key reason that unemployment in the United States is so low compared to most of Europe is becau...
A key reason that unemployment in the United States is so low compared to most of Europe is because of ________ unemployment. a. no structural b. low frictional c. no cyclical d. high structural e. low structural If the monopsony model assumptions hold as predicted:: a. the classical model of no actual involuntary unemployment is true. b. a minimum wage can increase both wages and employment. c. minimum wages are ineffective at raising entry level wages. d. a minimum wage...
13. In a particular country, the gross domestic product (GDP) increased by 10 percent during the...
13. In a particular country, the gross domestic product (GDP) increased by 10 percent during the year. At the same time inflation was 6 percent. Therefore real GDP a fell by 10 percent. b. fell by 4 percent. c. rose by 10 percent. d. rose by 6 percent. e. none of the above. 14. One of the major determinants of increasing real GDP per capita and therefore a country's standard of living is a. increasing labour productivity. b. decreasing labour...
Question 83 (Mandatory) (1 point) Which term refers to the rate of unemployment that occurs when...
Question 83 (Mandatory) (1 point) Which term refers to the rate of unemployment that occurs when the economy is producing its potential GDP? a) the natural rate of unemployment b) cyclical unemployment c) structural unemployment d) the normal rate of unemployment Question 84 (Mandatory) (1 point) Exhibit 14-3 Price level Potential output LRAS SRAS AD Real GDP Refer to the graph in the exhibit. In this situation, how could the Bank of Canada return the economy to potential output? a)...
In the United States, the base year used to measure chain type real GDP is currently...
In the United States, the base year used to measure chain type real GDP is currently 2012. True False Which of the following is included in US GDP but not US GNP? (Boeing is a US company and Airbus is a French company.) a. A Boeing jet produced in the United States b. A Boeing jet produced in France c. An Airbus jet produced in France d. An Airbus jet produced in the United States. e. None of the above...
Question 2 a. What is GDP? Explain the three methods that the Australian Bureau of Statistics uses to calculate GDP. b....
Question 2 a. What is GDP? Explain the three methods that the Australian Bureau of Statistics uses to calculate GDP. b. If in 2016 the CPI is 100 and nominal wages are $500 and in 2017 the CPI is 120 and nominal wages are $550. What is the level of price inflation from 2016 to 2017? Explain whether real wages have increased from 2016 to 2017? c. Define structural, frictional and cyclical unemployment. Which of these types of unemployment do...
Exhibit 12-2 Unemployment categories #of Individuals Category Frictional unemployment 20 Structural unemployment 35 60 Cyclical unemployment...
Exhibit 12-2 Unemployment categories #of Individuals Category Frictional unemployment 20 Structural unemployment 35 60 Cyclical unemployment 5 Discouraged workers 10 Underemployed workers 410 Fully employed workers 900 Population The unemployment rate for the economy in Exhibit 12-2 is: Select one: a. 21.5 percent b. 30.5 percent c. 12.8 percent d. 22.2 percent
13) suppose that Sally's nominal wage rises from $1,000 per week to $1,400 per week. If...
13) suppose that Sally's nominal wage rises from $1,000 per week to $1,400 per week. If at the same time average prices rise 40%, how much will her real income increase? A) $400 per week B) 40%. C) $200 per week. D) 0%. 14) Suppose nominal GDP increases from $400 billion to $800 billion. If at the same time average prices double, then how much did real GDP increase? A) $0 B) $200 billion. C) $400 billion. D) $800 billion....
d. Goods and services whose quality improves at til 12. When a student finishes college and begins looking for work. a. Cyclical unemployment increases. b. Structural unemployment increases. c. Frictional unemployment increases. d. Frictional and cyclical unemployment increase. 13. When the automobile replaced horse-drawn carriages as the principal means of transportation, firms producing horse-drawn carriages went bankrupt and permanently laid off all their workers, thereby increasing a. Frictional unemployment. b. Structural unemployment. c. Frictional and cyclical unemployment. d. Cyclical unemployment....
13. In a particular country, the gross domestic product (GDP) increased by 10 percent during the year. At the same time inflation was 6 percent. Therefore real GDP a fell by 10 percent. b. fell by 4 percent. c. rose by 10 percent. d. rose by 6 percent. e. none of the above. 14. One of the major determinants of increasing real GDP per capita and therefore a country's standard of living is a. increasing labour productivity. b. decreasing labour...
Question 83 (Mandatory) (1 point) Which term refers to the rate of unemployment that occurs when the economy is producing its potential GDP? a) the natural rate of unemployment b) cyclical unemployment c) structural unemployment d) the normal rate of unemployment Question 84 (Mandatory) (1 point) Exhibit 14-3 Price level Potential output LRAS SRAS AD Real GDP Refer to the graph in the exhibit. In this situation, how could the Bank of Canada return the economy to potential output? a)...
Exhibit 12-2 Unemployment categories #of Individuals Category Frictional unemployment 20 Structural unemployment 35 60 Cyclical unemployment 5 Discouraged workers 10 Underemployed workers 410 Fully employed workers 900 Population The unemployment rate for the economy in Exhibit 12-2 is: Select one: a. 21.5 percent b. 30.5 percent c. 12.8 percent d. 22.2 percent
13) suppose that Sally's nominal wage rises from $1,000 per week to $1,400 per week. If at the same time average prices rise 40%, how much will her real income increase? A) $400 per week B) 40%. C) $200 per week. D) 0%. 14) Suppose nominal GDP increases from $400 billion to $800 billion. If at the same time average prices double, then how much did real GDP increase? A) $0 B) $200 billion. C) $400 billion. D) $800 billion....
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