Exam 6: Production, Income, and Employment

Assume net exports are -$220,consumption is $5,000,tax revenues are $1,000,government purchases are $1,500,and 2003 GDP,calculated by the expenditure approach,is $8,000.We can conclude that

With which of the following responses would the Census Bureau declare the person unemployed?

All types of unemployment are harmful to the economy.

What are the components of private consumption expenditures?

Suppose the population falls by 1 percent.For the standard of living to rise

Rich lost his job six months ago because of budget cuts at the county landfill where he worked.He tried finding another job,but has not actively searched for work for three months.Rich would be considered by the Bureau of Labor Statistics to be

Which of the following people would be considered structurally unemployed?

Which of the following would be counted in U.S.GDP?

Which of the following categories of unemployment arises from macroeconomic causes?

U.S.residents bear the burden of unemployment equally.

The precise definition of GDP is the total value of all

A real variable is one that is

A Texas oil company extracts petroleum and sells it to a refinery for $1,000.After processing,the refinery sells the gasoline to a wholesaler for $1,500,who then sells it to a gas station for $1,700.The gas station sells it to customers for $2,500.In these transactions,how much has been added to GDP?

To be considered employed,a person must have worked at least __________ hour(s)during the previous week

We measure GDP in different ways because

Which of the following is an economic cost of unemployment?

Purchases of stocks and bonds are examples of investment spending.

The U.S.system of national income accounts was started in the

According to many economists,production that occurs in the underground economy

If private investment increased by $50 billion while GDP remained the same,which of the following could have occurred,all else being the same?