Macroeconomics Chapter 4 Measuring Output & Unemployment
- 1.What does GDP stand for?
- A.
Gross Domestic Product
- B.
Greatest Dollar Product
- C.
Green Dollar Prolific
- 2.What is Nominal GDP ?
- A.
# used to balance general fluxucations of % value with the economy.
- B.
Unadjusted GDP.
- 3.What is "Real" GDP?
- A.
# used to balance general fluxucations of % value with the economy.
- B.
Unadjusted GDP.
- 4.What is Price Index?When __________ is deflated to = the average level of prices.
- A.
Nominal
- B.
Real
- 5.Real GDP = Nominal GDP divided by.....
- A.
Price Index
- B.
Nominal
- C.
Real GDP
- 6.If nominal GDP has risen with prices, then Real GDP is ______________.
- A.
Increased
- B.
Decreased
- C.
Unchanged
- D.
None of the above
- 7.USA Accounting system is the National Income & Product Accounts. (NIPA)
- A.
True
- B.
False
- 8.Final Goods are things to produce things like coal, steel, etc.
- A.
True
- B.
False
- 9.Intermediate Goods are things to produce outputs like coal, steel, etc.
- A.
True
- B.
False
- 10.Name the 4 Final Goods:
- A.
Aggregate Consumption (all goods)
- B.
Aggreate Investment (to build businesse/machines)
- C.
Governmental Purchases
- D.
Imports
- E.
Exports
- 11.GDP does not include capital assets and does include the national income.
- A.
True
- B.
False
- 12.The Value-Added Approach to calculating GDP is by studying goods directly. Automaker pays vs. Automaker receives =value added
- A.
Yah!
- B.
Nah...
- C.
That sounds about right..?
- D.
Where are the drinks.
- 13.Income from selling the product vs. the value of the products themselves is The income Approach.
- A.
True
- B.
False
- 14.Which is an indication if the economy would produce if labor were fully employed & if plants/machines were used at their normal rates?
- A.
Potential GDP
- B.
Real GDP
- C.
Nominal GDP
- 15.% difference between real GDP & Potential ?Actual less than potential= negative
- A.
Output Gap
- B.
Input Gap
- C.
Baby Gap
- D.
Potential GDP
- 16.Problems in Measuring Output
- A.
Measuring Quality changes
- B.
Measuring Service Output
- C.
Measuring nonmarket Goods
- D.
Measuring Quality Output
- 17.A Green GDP is difficult to measure because Natl income doesnt include the depletion of hte stock of natural resources or quality of enviorment.
- A.
True
- B.
False
- 18.Ratio of # seeking employment vs. labor force
- A.
Unemployment
- B.
Standard of Living
- C.
Labor Force
- D.
None of the Above
- 19.Seasonal Unemployment
- A.
Varies predictably between seasons.
- B.
From 1 job to another (college graduate)
- C.
Long term (past 6 months)
- D.
When it increases when the economy slows down.
- 20.Frictional Unemployment
- A.
Varies predictably between seasons.
- B.
From 1 job to another (college graduate)
- C.
Long term (past 6 months
- 21.Structural Unemployment
- A.
From 1 job to another (college graduate)
- B.
Long term (past 6 months)
- C.
When it increasses when the economy slows down.
- 22.Cyclical Unemployment
- A.
From 1 job to another (college graduate)
- B.
Long term (past 6 months)
- C.
When it increasses when the economy slows down.
- 23.Okun's Law
- A.
Recession -> decrease in output
- B.
Recesstion -> increase in output
- C.
1% increase of unemployment= 2 % -output gap
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