1. If real GDP equals nominal GDP, then: A. the growth in output was greater than...
1. If real GDP equals nominal GDP, then:
A. the growth in output was greater than the growth in the price level.
B. there was no inflation.
C. the current year is the base year.
D. output did not grow.
E. the growth in output was equal to the growth in the price level.
2. Nominal GDP is GDP measured in:
A.base prices.
B.fixed prices.
C. current prices.
D. marginal prices.
E. average prices.
3. When you include discouraged workers and unemployed workers in calculations of the unemployment rate:
A. the difference between this alternate measure and the official unemployment rate increases significantly during economic expansions.
B. this alternate measure is the same as the official unemployment rate.
C. the difference between this alternate measure and the official unemployment rate increases significantly during recessions.
D. this alternate measure is much lower than the official unemployment rate.
E. this alternate measure is not useful in studying the macroeconomy.
4. Which of the following individuals would NOT be considered part of the labor force?
A. Lisa, who is working part-time but wants to be working full-time
B. Kimberly, who has retired from the military and now works at the post office
C. Thomas, who is unemployed but has given up searching for a job because he believes there are no jobs available for him
D. Jim, who is a full-time student working part-time
Homework Answers
1. If Real GDP equals nominal GDP ,then there was no inflation. Hence,option(B) is correct.
2. Nominal GDP is GDP measured in current prices. Hence,option(C) is correct.
3. When you include discouraged workers and unemployed workers in calculations of the unemployment rate , the difference between this alternate measure and the official unemployment rate increases significantly during economic recessions. Hence, option(C) is correct.
4. Thomas, who is unemployed but has given up searching for a job because he believes there are no jobs available for him would not be considered as part of the labor force.Hence, option(C) is correct.
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