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20 Cards in this Set

  • Front
  • Back
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 people are unemployed
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