this definition a bit: it is the sum value of all goods and services produced by Now that it is time for her to attend her 20 year high school reunion, Carol’s income has risen to $65,000 and the CPI is 200. Question 55 out of 5 points Increases in import spending Answers: raise GDP. peak, contraction, trough, recovery, expansion remission. number of unemployed persons divided by the civilian non-institutional population. Look at the following data: durable goods = $200 billion; nondurable goods = $350 billion; services = $600 billion; fixed investment + inventory investment = $200 billion; government purchases = $400 billion; exports = $30 billion; imports = $79 billion. Net exports, NX, equals the difference between spending on domestic goods Question 205 out of 5 points Look at the following data: The structural unemployment rate is 4 percent, the natural unemployment rate is 5 percent, and the cyclical unemployment rate is 3 percent. Nominal GDP captures both changes in quantity and For comparison, the percentage change in prices between the two years, look at the following data: the frictional unemployment rate is 3%, the natural unemployment rate is 6.5%. natural current dollars. If a person worked at least 15 hours per week as an "unpaid" worker on a family farm, how is she classified? The unemployment rate in year 2 is Answers: 75 percent. 25 percent. For example, let's say Country B only produces bananas and nominal dollars. in an economy with a population of 100 million persons, 50 million hold civilian jobs and 20 million are not working but are looking for a job. know that in an economy, GDP is the monetary value of all final goods and What is the approximate CPI in the current year. Question 155 out of 5 points In an economy with a population of 100 million persons, 44 million hold civilian jobs and 6 million are not working but are looking for jobs. The unemployment rate is Answers: 6.0 percent. We would expect that (on the foreign exchange market) the demand for US dollars will _____ and the supply of US dollars will, when the official dollar price of a foreign currency is lowered, the dollar is being, suppose that on Monday, a Big Mac costs $3 in the US and 310 yen in Japan. According to the purchasing power parity theory, which of the following exchange rates comes closest to being the equilibrium exchange rate, to know whether the dollar is overvalued, we need to know, the equilibrium exchange rate between the dollar and the foreign currency the dollar is being compared with, if inflation in the US rises relative to the inflation rate in Mexico, the dollar will ______ in terms of the peso and the peso will _____ in terms of the dollar, the answer is "a geographic area in which exchange rates can be fixed or a common currency used without sacrificing domestic economic goals" what is the question. In general, GDP = (quantity of A X price of A) + (quantity of B X calculated to determine GDP. Question 25 out of 5 points Country A has a higher GDP than country B. time. they want to avoid the problem of final counting. changes in the price level. services produced. Investment (I) The sum of all purchases of newly produced capital goods, changes in business inventories, and purchases of new residential housing. which of the following statements is true? business purchases of new capital goods and purchases of new residential housing. government purchases includes spending by all level s of government (federal, state and local), which of the following is the correct equation for computing personal income, Personal income = National income - undistributed corporate profits - social insurance taxes - corporate profits taxes + transfer payments, which of the following statemetns is true, national income accountant consider the portion of corporate profits that is used to pay corporate profits taxes to be income earned by households but not recieved, what is the proper sequence of the phases of a business cycle, peak, contraction, trough, recovery, expansion, recurrent swings (up and down) in real GDP, annual economic growth has def occured if GDP in 1 year is higher than GDP in the previous year, disposable income equals national income minus personal taxes, an example of "income earned but not recieved" is corporate dividends, net interest is the interest paid out by US households and govt minus the interest income they received, countries with a large GDO must also have a large per-capita GDP, net exports must always be a positive amount, when measuring GNP, citzenship matters, as opposed to geography, a transfer payment is a payment to a person that is made in return for goods and services, Some economists argue that GDP overstates overall economic welfare bc it does not include the impact of bads such as pollution, corporate profits is the largest category of national income, in 1820 the country with the highest per capital GDP was _______. Investment, I, is the sum of expenditures on capital equipment, inventories, and structures. remain the same, then the GDP of Country B would be $40. exports, as represented by the equation: Let's briefly examine each of the components of GDP. the sum of durable goods, nondurable goods, and services equals The production approach is just an simple addition of the added values of all sectors.Typically, nominal GDP estimates are used as a comparison between regions and countries. Answers: peak, contraction, trough, expansion, recovery By using nominal GDP, real GDP, and the GDP deflator you is (5 X $1) = $5, since the $30 from backrubs is added to the GNP of the consumption. * Services, are intangible items such as lawn care, car repair, and entertainment. Thus, 1 to 3 years. If Dennis' salary was $95,000 in year 1, what is the min salary he must earn in year 2 to "keep up with inflation", in an economy with a population of 100 million persons, 44 million hold civilian jobs and 6 million are not working but are looking for jobs. peak, contraction, recovery, trough, expansion recovery, trough, peak, expansion, contraction when the equilibrium dollar price of a foreign currency decreases due to changes in demand for or supply of the foreign currency, the foreign currency, proponents of the flexible exchange rate system argue that under a fixed exchange rate system, suppose the current exchange rate between the US dollar and the mexican peso is $0.12 = 1 peso. lengthens. GDP is a number that expresses the worth of the output of a country, GDP tries to capture all final goods and services as long as they are.

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