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Mar 29th, 2017
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  1. Click on the unemployment rate range in which the U.S. natural unemployment rate is located.
  2. at 5%
  3.  
  4. For each curve below, apply the correct label.
  5. officially unemployed -> bottom line:
  6.  
  7. Unemployed plus discouraged and unemployed workers-> top line
  8.  
  9. Match the component of GDP national income accounting to the correct expenditure.
  10. A farmer buys a new tractor.
  11. Correct label:
  12. Investment
  13.  
  14. David buys a new car.
  15. Correct label:
  16. Consumption
  17.  
  18. Lonnie the police officer cashes her paycheck at the end of the week.
  19. Correct label:
  20. Government spending
  21.  
  22. Jennifer buys toothpaste.
  23. Correct label:
  24. Consumption
  25.  
  26. Almonds are grown for sale overseas.
  27. Correct label:
  28. Net exports
  29.  
  30. A family of three purchases a newly built home.
  31. Correct label:
  32. Investment
  33.  
  34. A service-based economy is less likely to be a source of prosperity than a goods-based economy.
  35. false
  36.  
  37. Which of the following may be considered as part of the consumer price index?
  38. Correct Answers:
  39. Food
  40. Housing
  41. Transportation
  42.  
  43. Incorrect Answer(s)
  44. Taxes
  45. Investments
  46.  
  47. Apply the appropriate label to each situation.
  48. Your mom made a sweater for you for your birthday.
  49. Correct label:
  50. Non-market good
  51.  
  52. The neighborhood kids sell lemonade when it is hot outside.
  53. Correct label:
  54. Underground economy
  55.  
  56. Your child is paid $40 to walk your friends' dog while they are on vacation.
  57. Correct label:
  58. Underground economy
  59.  
  60. Your neighbors grow and eat their own vegetables from their private garden.
  61. Correct label:
  62. Non-market good
  63.  
  64. Which of the following statements are true about the underground economy?
  65. Correct Answer(s)
  66. It is not possible to accurately measure the size of the underground economy.
  67. It is possible for the underground economy to have an effect on the legitimate economy.
  68. Incorrect Answer(s)
  69. All of the goods and services traded in the underground economy are illegal.
  70. All underground economic activity is harmful to society.
  71.  
  72. Apply the correct label to each labor force participation rate line.
  73. male-> top line. Female -> bottom line
  74.  
  75. Why might the prices of some products decrease while others increase?
  76. advances in technology typically cause the price of some goods to decrease over time
  77.  
  78. How do intermediate goods factor into the calculation of GDP?
  79. Intermediate goods do not factor into GDP; only final goods are counted.
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