Exam 6: Production, Income, and Employment

Dennis is an excellent typist.However,because he has been unable to adapt to his company's new computer system,he has lost his job.He is currently seeking another secretarial position,but it is likely that he will have to acquire new skills to become employable as a secretary again.Dennis would best be described as

Which of the following properly matches the owner of a resource with the corresponding payment?

The official measure of unemployment may underestimate actual unemployment because

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

In 2008,the Ace Card Company produced $10 million worth of playing cards.Because of strong consumer demand for their product in 2008,Ace sold $12 million worth of cards,reducing their inventories by $2 million.How much value did Ace add to GDP in 2008?

Which of the following impacts of a Gulf hurricane would not show up as a direct loss to GDP?

Yuan recently completed his college degree and is entering the labor market for the first time.He has been submitting applications and has been interviewed twice in the last two weeks,but so far has not found a job.Yuan would be classified as

The difference in unemployment rates between Europe and the U.S.has been narrowing partly because

Transfer payments are important for society because

Which of the following impacts of the terrorist attacks of September 11,2001,would not show up as a direct loss to GDP?

Which of the following annual real GDP growth rates would be needed to prevent the U.S.unemployment rate from rising?

Real GDP is nominal GDP

If an economy has been operating below its potential output level,

In 2008,the government bought $2,883 billion worth of goods and services that were part of GDP,representing about _________ of the total.

Mike recently lost his job as a construction worker.During this unemployment spell,Mike actively searched for work but recently took a job that paid cash "under the table" while he continued to search and collect unemployment payments.Mike would be considered __________ by the Bureau of Labor Statistics but his inclusion would cause the officially reported unemployment rate to __________ the true unemployment rate.

Which of the following groups typically experience the highest rate of unemployment?

Which of the following would be classified as consumption spending?

As a large number of students graduate from college,which category of unemployment would increase?

Using the table below,calculate GDP for a particular year. Consumption spending \ 1,000 Wages and salaries \ 800 Rent \ 100 Government purchases \ 200 Profit \ 300 Expoits \ 400 Interest \ 250 Private investment spending \ 400 Imports \ 550 Based on the above information,GDP in this year was

GDP is a flow variable because it measures the process of production and is independent of time.