Q: 3.1. What do we add to GDP to reach
3.1. What do we add to GDP to reach GNP? a. Net income earned abroad by U.S. households b. Personal income c. Depreciation d. Net exports 3.2. If no foreign companies produce in a country, but ma...
See AnswerQ: 2.1. When calculating GDP using the production method,
2.1. When calculating GDP using the production method, which of the following would you not include? a. Consumption b. Investment c. Value added d. Government purchases e. Net exports 2.2. What part o...
See AnswerQ: 2.1. The three key types of unemployment are cyclical
2.1. The three key types of unemployment are cyclical, structural, and _________. 2.2 The natural rate of unemployment consists solely of _________ and _________ unemployment. 2.3. When the economy...
See AnswerQ: 1.1. Which of the following is not included in
1.1. Which of the following is not included in the labor force? a. People who have full-time, but poorly paid jobs. b. Individuals who have sizable inheritances and do not want any jobs. c. People who...
See AnswerQ: 5.1. If a price index is 40 in 1997
5.1. If a price index is 40 in 1997 and 50 in 1998, the rate of inflation between the two years is _________. 5.2. Inflation in the United States was higher from 1990 to 2009 than it was from 1970 to...
See AnswerQ: 4.1. The value of a price index in the
4.1. The value of a price index in the base year is equal to _________. 4.2. Economists believe that the CPI tends to overestimate the increase in the cost of living over time. _________. (True/False...
See AnswerQ: 6.1. Inflation that is not expected is known as
6.1. Inflation that is not expected is known as _________ inflation. 6.2. Shoe-leather costs typically increase with the rate of inflation. _________ (True/False) 6.3. Creditors lose from unanticipat...
See AnswerQ: 3.1. In 2015, less than 20 percent of
3.1. In 2015, less than 20 percent of the unemployed in the United States were unemployed for a period shorter than 5 weeks. _________ (True/False) 3.2. As most states in the United States replace th...
See AnswerQ: 1. The three basic economic questions a society must answer are
1. The three basic economic questions a society must answer are _________ products do we produce? _________ do we produce the products? _________ consumes the products? 2. List the five factors of pro...
See AnswerQ: A change in a variable measured on an axis of a graph
A change in a variable measured on an axis of a graph causes movement _________ a curve, while a change in a relevant variable that is not measured on an axis _________ the entire curve.
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