Profits are part of the A) factor services. B) monetary value of output. C) final consumer goods. D) total income. ANSWER D
Date: September 2nd, 2020
Per capita real GDP is a measure of A) productive activity. B) economic welfare. C) cost of living standards. D) cultural harmony. ANSWER A
Date: September 2nd, 2020
Discouraged workers A) are considered part of the unemployed because they are not working. B) are not considered part of the unemployed because they quit their jobs voluntarily. C) are not considered part of the unemployed because they are not actively seeking work. D) are considered part of the unemployed because they are still in […]
Date: September 2nd, 2020
The approach used in the U.S. to measure the economy’s aggregate performance is A) the total value of securities. B) national income accounting. C) to add up the value of intermediate goods. D) to add up the total value of financial transactions, transfer payments, and secondhand goods. E) all of the above. ANSWER B
Date: September 2nd, 2020
Economic growth is measured by A) increases in the population. B) increases in GDP. C) increases in per capita real GDP. D) increases in the value of the total output of society. ANSWER C
Date: September 2nd, 2020
The labor force participation rate is the A) proportion of the labor force that is unemployed. B) proportion of the noninstitutionalized adult population in the labor force. C) proportion of the labor force that is employed. D) proportion of the noninstitutionalized adult population that is employed. ANSWER B
Date: September 2nd, 2020
Explain the concept of the circular flow. What will be an ideal response? ANSWER The circular flow refers to the interrelationships between income and output. In every exchange the seller receives exactly what the buyer pays. This also means that someone’s receipt is someone else’s payment. Goods and services flow in one direction and […]
Date: September 2nd, 2020
A discouraged worker is someone who A) is not in the labor force. B) is employed. C) has been fired. D) is unemployed. ANSWER A
Date: September 2nd, 2020
Economic growth can be depicted as A) an outward shift on the production possibilities curve. B) a movement up on the production possibilities curve. C) a movement down on the production possibilities curve. D) an inward shift on the production possibilities curve. ANSWER A
Date: September 2nd, 2020
Why must total income be identical to the dollar value of total output? What will be an ideal response? ANSWER Total income must be identical to the dollar value of total output because spending by one person is income for another. Further, the definition of profit is important. Profit is the amount left over […]
Date: September 2nd, 2020
