Question

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The fiscal year for the federal government begins on: Select one: O a. The first Monday in January. O b. October 1st. O c. November 1st. O d. January 1st. Question 22 Not yet answered Points out of 1.00 P Flag question The GDP is: Select one: O a. C + I + G + (EX-IM). O b. The percentage of the labor force that is unable to find employment. O c. The measure of consumer prices for a typical urban household O d. All of the above.

Answer 1

21.

The Fiscal year is a stipulated period that a country's government follows for its budget purpose. This varies from one country to another. The federal government fiscal year starts from October 1st.

Therefore, the correct option is: (b)

22.

The GDP of an economy is the goods and services produced by an economy during a specific period of time. This can be measured as the total expenditure of all the sectors of the economy. The expenditure by the consumer as C, by the firm as I, government as G and external sector as an export minus import. Therefore, GDP=C+I+G+(EX-IM).

Given the options:

• The GDP is equal to C+I+G+(EX-IM)
• percentage of the labor force that is unable to find employment is called the unemployment rate, not GDP.
• The measure of consumer prices is noted as a consumer price index.

Therefore, the correct option is: (a)

23.

The marginal propensity to consume is the change in consumption due to one unit change in the disposable income of the consumer.

Given the options:

• The marginal propensity to consume is the change in consumption due to one unit change in the disposable income of the consumer.
• The percentage of disposable income spent on consumption is called the average propensity to consume.
• The part of the consumer dollar that goes to investment is called savings.
• Total consumption by total disposable income is average consumption.

Therefore, the correct option is : (a)

24.

The consumer price index is the average price of the market basket of a typical average consumer in an economy. The CPI is calculated by calculating the cost of the market basket in a year relative to its cost in some base year.

Given the options:

• To find the CPI the BLS must decide on the market basket consumption first.
• The CPI does not include a change in prices over time.
• BLS must find what market basket an average consumer consists of.
• The price rise is not part of CPI

Therefore, the correct option is: (a)