When consumers purchase imported products, this is:

not a part of the GDP calculation.

considered domestic spending since it is spent by a domestic consumer.

An example of a government transfer is a(n):

salary earned as an economist with a government agency.

expenditure on an interstate highway.

salary for members of the armed forces.

You are a college student who is not working or looking for work. You are:

not counted as part of the labor force.

counted as marginally unemployed.

counted as a member of the labor force but not employed.

Which one of the following transactions will be included in the official measurement of GDP?

Stan sold his house at a huge gain.

Ben bought shares of Apple stock.

The presence of discouraged workers in the economy tends to:

lower the official unemployment rate.

have no impact on the official unemployment rate.

lower the number of people who are frictionally unemployed.

raise the official unemployment rate.

In general, expansions are characterized by:

decreasing rates of unemployment

increasing rates of unemployment.

unchanged rates of unemployment.

An example of structural unemployment is a(n):

geologist who is permanently laid off from an oil company due to an increase in wages won by labor unions.

autoworker who is temporarily laid off from an automobile company due to a decline in sales.

lifeguard who loses his job at the beach at the end of each summer.

worker at a fast-food restaurant who quits work and attends college.

In calculating the unemployment rate, discouraged workers are:

not included in the labor force.

included and treated as underemployed.

excluded, and treated as underemployed.

included in the employment statistics.

An example of an intermediate good will be:

steel purchased by the aircraft manufacturers.

trucks purchased by the postal service.

AP ECO Macroeconomic Measurements

Authored by Theresa Nichols

Other

12th Grade - University

Used 55+ times

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28 questions

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MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The approximate rate of inflation in Year 3 is _____ percent.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

If a country has a working-age population of 200 million, 135 million people with jobs, and 15 million people unemployed and seeking employment, then its unemployment rate is:

7.5%.

10%.

67.5%.

4%.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

You read in the newspaper that the CPI in 2008 was 120, you will conclude that a typical market basket in 2008 would have cost

120 percent more than the same market basket purchased in 2007.

20 percent more than the same market basket purchased in the base year.

20 percent less than the same market basket purchased in the base year.

20 percent more than the same market basket purchased in 2007.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which one of the following transactions is included in a current year's GDP as investment spending?

Anton purchased his friend's condo.

Ronnie bought a new BMW.

Melanie bought a new washing machine for her condominium.

Maggie bought a play-gym set for her day-care business.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Suppose the real interest rate is 2.1% and the nominal interest rate is 5.4%. Then the expected inflation rate is:

3.3%.

2.1%.

7.5%.

3.3%.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

When there is deflation in the economy:

the general price level becomes negative.

the nominal interest rate rises.

the general price level increases.

the general price level falls.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Double counting would occur if:

imports were subtracted from GDP.

used goods were included in the GDP calculation.

inventories were added to the GDP calculation.

GDP was calculated by adding together C, I, G, and NX.

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AP ECO Macroeconomic Measurements

The approximate rate of inflation in Year 3 is _____ percent.

If a country has a working-age population of 200 million, 135 million people with jobs, and 15 million people unemployed and seeking employment, then its unemployment rate is:

You read in the newspaper that the CPI in 2008 was 120, you will conclude that a typical market basket in 2008 would have cost

Which one of the following transactions is included in a current year's GDP as investment spending?

Suppose the real interest rate is 2.1% and the nominal interest rate is 5.4%. Then the expected inflation rate is:

When there is deflation in the economy:

Double counting would occur if:

If the labor force totals 100 million persons and 90 million are actively working, then the unemployment rate is ________.

Over the last year, Eli has been working very hard and his employer has taken notice by giving him a 6% raise in his salary. During this last year, overall prices in the economy have increased by 4%. Given this information, Eli's real wage has:

When consumers purchase imported products, this is:

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