Exam 13: Measuring an Economys Performance

To avoid the problem of _____, the value of ______ goods must be excluded when country's GDP is being calculated.

If the net exports of a country are positive, then we can conclude that its imports are:

If the CPI in 2017 is 100 and the inflation rate between 2017 and 2018 is 6 percent, then the CPI for 2018 is

Suppose that a baker buys flour from a store to bake a wedding cake that has been sold to a couple getting married. In this case, the flour is an example of _____ good, and the cake is an example of _____ good.

Which one of the following will be included in the GDP of a country?

Which one of the following is included in calculating the GDP?

If the nominal GDP of a country increases and the real GDP remains constant, then we can conclude that:

Which one of the following transactions will be included in the GDP of a country?

Ford Motors produces a $20,000 car in Detroit in November 2017. This car is sold to a consumer in January 2018 for $20,000, who in turn sells it to a college student in June 2018 for $18,000. Because of these transactions, the 2017 GDP increased by _____, and the 2018 GDP increased by:

Which one of the following will NOT be included in the GDP of a country?

The costs associated with people who are trying to minimize the erosive effects of inflation on the value of money are known as _____ costs.

The Consumer Price Index (CPI) in January 2017 was 244.02 and the CPI in January 2018 was 249.24. Therefore, the rate of inflation between January 2017-January 2018 was _____ percent.

If the total labor force of an economy is 1,000 and 40 of these people are unemployed, then the unemployment rate of the economy is _____ percent.

An economy has an unemployment rate of 10 percent and a total labor force of 2,000. Therefore, the economy has _____ employed workers and _____ unemployed workers.

Alex is a skilled furniture maker, but there are no jobs available in the economy that utilize his furniture-making skills. If Alex remains unemployed, then in which category of unemployment will he fall under?

Final goods and services are goods and services that are:

Suppose that a grocery store has to constantly keep changing the list price of all the products that it sells because of inflation. The costs that are associated with this are known as _____ costs.

The nominal GDP and the Consumer Price Index (CPI) for the country of Stewarton in 2017 were $15 trillion and 125, respectively. In 2012, the CPI for Stewarton was 120. Therefore, the real GDP of Stewarton in 2012 dollars is _____ trillion.

If the Consumer Price Index (CPI) in 2015 was 243 and the CPI in 2016 was 248, then the inflation rate between 2015 and 2016 was _____ percent, and the inflation rate between the base year and 2016 was _____ percent.

Suppose that the cost of a representative basket used to calculate the Consumer Price Index (CPI) was $1,000 in the base year 2000. The same basket cost $1,100 in 2016 and $1,150 in 2017. Therefore, the rate of inflation between 2016 and 2017 is _____ percent.