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20 Cards in this Set
- Front
- Back
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The purchase of new houses by consumers is included in the ___ spending component of GDP.
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investment
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A government welfare payment, such as social security, to an individual is called a(n)
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transfer payment
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The only spending component of US GDP that can be negative or less than zero is
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net exports
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GDP adjusted for changes in prices over time is called
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real GDP
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In the base year, the GDP deflator is equal to
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100
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In which expenditure component of GDP, if any, would the following transaction be included? Your parents buy a new house.
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investment spending
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In which expenditure component of GDP, if any, woiuld the following transaction be included? Your uncle buys 100 shares of IBM stock.
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none- stock purchases aren't included in any of the expenditure components of GDP.
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In which expenditure component of GDP, if any, would the following transaction be included? McDonalds buys 10,000 pounds of hamburger.
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none- the purchase of intermediate goods is not included in any of the expenditure components of GDP.
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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.
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consumption spending
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In which expenditure component of GDP, if any, would the following transaction be included? Your brother buys a used car.
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none- the purchase of used products is not included in any of the expenditure components of GDP.
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The Bureau of Labor statistics classifies all part-time workers as
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fully-employed
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In 2002, about ___ percent of the total US population were classified by the US Bureau of Labor Statistics as in the labor force.
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50 (45-55)
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An unemployed person who is not actively seeking employement is classified by the Bureau of Labor Statistics as
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not in the labor force
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The full-employment or natural rate of unemployment is defined where the number of job seekers equals
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the number of job vacancies
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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 people are unemployed |
6.1% if you missed that, you are sooo stupid.
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Your older sister is "between jobs." In which category of unemployment would she be classified?
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frictional
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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?
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structural
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In which category of unemployment would people who lose their jobs during a recession be classified?
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cyclical
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When did the percent of the labor force with union membership begin to decline?
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mid-1950s
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In percentage terms, what industry is the most heavily unionized today?
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government
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