hey bot
Which of the following individuals would be considered unemployed when calculating the unemployment rate?
a
a 22-year-old teacher who recently lost his job and is currently looking for a new one
b
an 18-year-old electrician who is currently working full time but would like to work more hours
c
a 65-year-old retired plumber who has no interest in looking for a new job
d
a 15 year-old girl who wants to work part time but is unable to find work
The correct answer is a: a 22-year-old teacher who recently lost his job and is currently looking for a new one. This individual is actively seeking employment but unable to find it, making them unemployed.
A country's gross domestic product for a given time period is the total market value of _____.
a
all finished goods and services produced by the country's residents
b
all goods and service produced within the country's borders
c
all finished goods and services produced within the country's borders
d
all goods and services produced by the country's residents
hey bot answer this
A country's gross domestic product for a given time period is the total market value of _____.
a
all finished goods and services produced by the country's residents
b
all goods and service produced within the country's borders
c
all finished goods and services produced within the country's borders
d
all goods and services produced by the country's residents
The correct answer is c: all finished goods and services produced within the country's borders. Gross Domestic Product (GDP) is a measure of the value of all final goods and services that are produced within a country's borders during a particular time period (usually a year). The emphasis is on final goods and services, which means that intermediate goods and services (those used in the production process) are excluded from GDP calculations.
Match each phase of the business cycle to its correct definition.
Column A
1.
period of economic decline marked by falling real GDP:
period of economic decline marked by falling real GDP
2.
a period of economic growth as measured by a rise in real GDP:
a period of economic growth as measured by a rise in real GDP
3.
the height of an economic expansion, when real GDP stops rising:
the height of an economic expansion, when real GDP stops rising
4.
the lowest point in an economic contraction, when real gross domestic product stops falling:
the lowest point in an economic contraction, when real gross domestic product stops falling
Column B
a.peak
b.expansion
c.trough
d.contraction
hey bot, answer these questions
Match each phase of the business cycle to its correct definition.
Column A
1.
period of economic decline marked by falling real GDP:
period of economic decline marked by falling real GDP
2.
a period of economic growth as measured by a rise in real GDP:
a period of economic growth as measured by a rise in real GDP
3.
the height of an economic expansion, when real GDP stops rising:
the height of an economic expansion, when real GDP stops rising
4.
the lowest point in an economic contraction, when real gross domestic product stops falling:
the lowest point in an economic contraction, when real gross domestic product stops falling
Column B
a.peak
b.expansion
c.trough
d.contraction
1. d. contraction - period of economic decline marked by falling real GDP
2. b. expansion - a period of economic growth as measured by a rise in real GDP
3. a. peak - the height of an economic expansion, when real GDP stops rising
4. c. trough - the lowest point in an economic contraction, when real gross domestic product stops falling.
Which of the following is true during a period of economic contraction?
a
employment is constant
b
unemployment increases
c
unemployment is constant
d
employment increases
The correct answer is b: unemployment increases. During a period of economic contraction, where real GDP is decreasing, businesses are likely to reduce production, leading to employment reductions or layoffs. This can cause an increase in the number of unemployed individuals.
What is the difference between real GDP and nominal GDP?
a
Real GDP is accurate to hundreds of dollars; nominal GDP is accurate to thousands of dollars.
b
Real GDP is based on constant prices; nominal GDP is based on the current year's prices.
c
Real GDP allows for depreciation; nominal GDP allows for no depreciation.
d
Real GDP includes nonmarket activities; nominal GDP has no nonmarket activities.