Macro Test 1
the value of production by a Moroccan working in the U.S.
. Which of the following is included in U.S. GDP?
Why do wages differ across industries?
1. Which of the following questions is more likely to be studied by a microeconomist than a macroeconomist?
U.S. investment and GDP increase, but German GDP is unaffected.
2. A Minnesota farmer buys a new tractor made in Iowa by a German company. As a result,
respond to economic incentives.
3. Economists assume that rational people
) is based on actual payrolls, rather than on unverified answers
An advantage of the establishment survey over the household survey of the labor market is that the establishment survey
the rims on a new car. (producing something new)
An example of an intermediate good would be
a slowdown in the economy.
Cyclical unemployment is the result of
household production. (ex: taking care of own kids instead of daycare) (ex: cooking own dinner instead of going out to dinner)
Gross domestic product understates the total production of final goods and services because of the omission of
either the price level or the quantity of goods and services produced rises.
Nominal GDP will increase if
the buying and selling of goods that is concealed from the government.(ex: gambling) (ex: cutting hair in your home, no taxes)
The "underground economy" refers to
investment expenditures
The purchase of a new house is included in
is a marginal benefit to the firm.
The revenue received from the sale of an additional unit of a product
a freightliner employee that got laid off because of the recession of 2007-2009
Which of the following is an example of a worker experiencing cyclical unemployment?
the sale of services such as those performed by a doctor
Which of the following items is included in GDP? a. the sale of stocks and bonds b. the sale of used goods c. the sale of services such as those performed by a doctor d. All of the above are included in GDP.
an increase in unemployment insurance payments
Which of the following would increase the unemployment rate?
