Econmoics Flashcards 91-180
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- The purchase of new houses by consumers is included in the ___ spending component of GDP.
- investment
- A government welfare payment, such as social security, to an individual is called a(n)
- transfer payment
- The only spending component of US GDP that can be negative or less than zero is
- net exports
- GDP adjusted for changes in prices over time is called
- real GDP
- In the base year, the GDP deflator is equal to
- 100
- In which expenditure component of GDP, if any, would the following transaction be included? Your parents buy a new house.
- investment spending
- In which expenditure component of GDP, if any, woiuld the following transaction be included? Your uncle buys 100 shares of IBM stock.
- none- stock purchases aren't included in any of the expenditure components of GDP.
- In which expenditure component of GDP, if any, would the following transaction be included? McDonalds buys 10,000 pounds of hamburger.
- none- the purchase of intermediate goods is not included in any of the expenditure components of GDP.
- In which expenditure component of GDP, if any, would the following transaction be included? Your mother buys a pound of hamburger at the grocery store.
- consumption spending
- In which expenditure component of GDP, if any, would the following transaction be included? Your brother buys a used car.
- none- the purchase of used products is not included in any of the expenditure components of GDP.
- The Bureau of Labor statistics classifies all part-time workers as
- fully-employed
- In 2002, about ___ percent of the total US population were classified by the US Bureau of Labor Statistics as in the labor force.
- 50 (45-55)
- An unemployed person who is not actively seeking employement is classified by the Bureau of Labor Statistics as
- not in the labor force
- The full-employment or natural rate of unemployment is defined where the number of job seekers equals
- the number of job vacancies
-
Given the following information, calculate the unemployment rate:
-the total population is 288.6 million
-74.7 million people are under 16 and/or institutionalized
-71.4 million people are not in the labor force
-8.3 million peo - 6.1% if you missed that, you are sooo stupid.
- Your older sister is "between jobs." In which category of unemployment would she be classified?
- frictional
- In which category of unemployment would unemployed workers who find it hard to obtain new jobs without retraining, gaining additional education, or relocating be classified?
- structural
- In which category of unemployment would people who lose their jobs during a recession be classified?
- cyclical
- When did the percent of the labor force with union membership begin to decline?
- mid-1950s
- In percentage terms, what industry is the most heavily unionized today?
- government