myeconlab quizzes

according to the income approach to measuring GDP, the largest income category is

wages

The table gives data for a nation. What is the amount of the​ country's GDP? Question content area bottom Part 1 A. ​$6,600 billion B. ​$6,200 billion Your answer is correct.C. ​$6,900 billion D. ​$6,000 billion E. ​$5,800 billion. - Consumption expenditure: 4,000 billion dollars - Interest, rent, and profit: 300 billion dollars - Investment: 1,000 billion dollars - Depreciation: 400 billion dollars - Government expenditure on goods and services: 1,000 billion dollars - Net exports of goods and services: 200 billion dollars

$6,2000 billion

Consumers in a country buy only two​ goods, sneakers and manicures. The prices and quantities purchased by urban households are in the table above. The reference base year is 2011. The inflation rate between 2011 and 2012 is Part 2 A. ​$10. B. 9.0 percent. C. 10.3 percent. Your answer is correct.D. 15.0 percent. E. ​$15. Item: Sneakers Quantity (2011): 2 Price (2011): $55 Quantity (2012): 2 Price (2012): $60 Item: Manicures Quantity (2011): 1 Price (2011): $35 Quantity (2012): 1 Price (2012): $40

10.3

The table gives some of the items in the U.S. National Income and Product Accounts in 2004. What is the value of U.S. GDP​ (income approach) in 2004​? Amount Item ​(trillions of​ dollars) Compensation of employees 6.7 Consumption expenditure 8.2 Indirect taxes less subsidies 0.8 Other factor incomes 2.6 Depreciation 1.3 Government expenditure on goods and services 2.2 Net exports negative 0.6

11.4

The data in the table above shows the consumption by families in a small​ (poor) economy. The families consume only salt and bread. The reference base period is 2011. The CPI in 2012 is Question content area bottom Part 1 A. 23.1 B. 100. C. 18.8 D. 118.8 E. 123.1 - **Item: Salt** - Quantity (2011): 2 - Price (2011): $1.00 - Price (2012): $2.00 - **Item: Bread** - Quantity (2011): 20 - Price (2011): $2.50 - Price (2012): $3.00

123.1

Using the table​ above, the unemployment rate is Question content area bottom Part 1 A. 4.2 percent. Your answer is correct.B. 6.3 percent. C. 11.2 percent. D. 5.8 percent. E. 10 percent. Total population: 250 million Working-age population: 160 million Labor force: 120 million Part-time workers: 15 million Full-time workers: 100 million Discouraged workers: 2 million

4.2

The data in the table above shows the consumption by families in a small​ (poor) economy. The families consume only salt and bread. The reference base period is 2011. The cost of the CPI market basket in 2011 is Question content area bottom Part 1 A. ​$64.00. B. ​$3.50. C. ​$52.00. Your answer is correct.D. ​$5.00. E. 100. - Item: Salt - Quantity (2011): 2 - Price (2011): $1.00 - Price (2012): $2.00 - Item: Bread - Quantity (2011): 20 - Price (2011): $2.50 - Price (2012): $3.00

52

Using the table​ above, the labor participation rate is Question content area bottom Part 1 A. 48 percent. B. 40 percent. C. 67 percent. D. 83 percent. E. 75 percent. Total population: 250 million people Working-age population: 160 million people Labor force: 120 million people Part-time workers: 15 million people Full-time workers: 100 million people Discouraged workers: 2 million people

75

Tropical Republic produces only bananas and coconuts. The base year is​ 2021, and the tables give the quantities produced and the market prices. Calculate real GDP in 2022 expressed in​ base-year prices. Question content area bottom left Part 1 Real GDP in 2022 expressed in​ base-year prices is ​$7900. In 2021 Item Quantity ​(bunches) Price Bananas 1 comma 200 ​$4 a bunch Coconuts 600 ​$6 a bunch In 2022 Item Quantity ​(bunches) Price Bananas 1000 ​$3 a bunch Coconuts 650 ​$3 a bunch

7900

Bill just graduated with his degree in economics. Through Career Services he submitted his resume to several companies and he will visit them during the next two weeks. Bill is considered Question content area bottom Part 1 A. not in the labor force. B.frictionally unemployed C.cyclically unemployed. D. structurally unemployed. E. employed because he is visiting firms.

B.frictionally unemployed

Phillip is a 22minusyear old who has no job and is available for​ work, but has not actively looked for a job in the last month. The Current Population Survey identifies Phillip as​ ________ ,​ ________ the labor​ force, and​ ________ the working age population. Question content area bottom Part 1 A. not​ unemployed; not part​ of; part of ​B.unemployed; part​ of; part of C. not​ unemployed; part​ of; part of D. not​ unemployed; not part​ of; not part of E. ​unemployed; part​ of; not part of

B.not​ unemployed; not part​ of; part of

The firm that printed your textbook bought the paper from XYZ Paper Mills. Was this purchase of paper part of​ GDP? If​ not, how does the value of the paper get counted in​ GDP? Question content area bottom Part 1 This purchase of paper​ _______ part of GDP because the paper is​ _______ good. A. ​is; a final B. ​is; an intermediate C.is​ not; an intermediate Your answer is correct.D. is​ not; a final Part 2 The value of the paper is counted in GDP as​ _______. A.investment B.part of the value of the textbook C.an import because most paper is imported into the United States D.an intermediate good

C.it not, an intermediate B.part of the value of the textbook

Which of the following is an example of investment​? A. Randy buying a BMW B. Mike buying an Apple iPad C. Ron buying stocks and bonds D. Continental buying Airbus planes

Continental buying Airbus planes

What is the expenditure approach to measuring​ GDP? Question content area bottom Part 1 The expenditure approach to measuring GDP sums together​ _______, and the largest component is​ _______. A. compensation of​ employees, net​ interest, rental​ income, proprietors'​ income, and corporate​ profits; compensation of employees B. net domestic income at factor​ cost, indirect taxes less​ subsidies, and​ depreciation; net domestic income at factor cost C. consumption​ expenditure, investment, government expenditure on goods and​ services, and net​ exports; government expenditure on goods and services D. consumption​ expenditure, investment, government expenditure on goods and​ services, and net​ exports; consumption expenditure

D. consumption​ expenditure, investment, government expenditure on goods and​ services, and net​ exports; consumption expenditure

When Jamie purchases a classic 1968 Plymouth Cuda convertible from​ Shane, GDP Question content area bottom Part 1 A. ​increases, because this expenditure decreases saving. B. ​increases, because the car is a durable good and increases consumption. C. does not​ change, because Jamie did not buy the car from a dealership. D. ​increases, because the car is a durable good and increases investment. E. does not​ change, because the car was not produced this year.

E. does not​ change, because the car was not produced this year.

Tropical Republic produces only bananas and coconuts. The base year is​ 2021, and the tables give the quantities produced and the market prices. Calculate nominal GDP in 2021 and 2022. Question content area bottom left Part 1 Nominal GDP in 2021 is ​$ Nominal GDP in 2022 is ​$ In 2021 Item Quantity ​(bunches) Price Bananas 1 comma 000 ​$4 a bunch Coconuts 500 ​$10 a bunch In 2022 Item Quantity ​(bunches) Price Bananas 1200 ​$3 a bunch Coconuts 550 ​$8 a bunch

Nominal GDP in 2021 is ​$9000 Nominal GDP in 2022 is ​$8000

China's real GDP per person was​ 11,480 yuan in 2011 and​ 12,515 yuan in 2012.​ India's real GDP per person was​ 45,045 rupees in 2011 and​ 47,995 rupees in 2012. The population of China is growing at 1 percent a year and the population of India is growing at 1.4 percent a year. Calculate the growth rate of real GDP in each country. Question content area bottom Part 1 The growth rate of real GDP in China is Part 2 The growth rate of real GDP in India is

The growth rate of real GDP in China is 10 percent. ​>>> Answer to 1 decimal place. Part 2 The growth rate of real GDP in India is 7.9 percent.

The calculation of GDP excludes the value of Question content area bottom Part 1 A.households' purchases of shampoo. B.government expenditure on office supplies. C.a family member painting the family home. ​D.businesses' purchase of new machine tools. E.expenditure on durable goods.

a family member painting the family home.

What is the income approach to measuring​ GDP?

compensation of​ employees, net​ interest, rental​ income, corporate​ profits, and​ proprietors' income

What influences the supply of loanable​ funds? Question content area bottom Part 1 The supply of loanable funds is influenced by​ _______. A. the real interest​ rate, and as the real interest rate​ rises, the supply of loanable funds increases B. expected profit C. a​ household's wealth, and the greater a​ household's wealth, the greater is its saving D. expected future​ income, and the higher a​ household's expected future​ income, the smaller is its saving today

expected future​ income, and the higher a​ household's expected future​ income, the smaller is its saving today

Which of the following is NOT directly included in Canadian​ GDP?

gasoline purchased by a tour bus operator

Rob is considered unemployed in the Current Population Survey if he Question content area bottom Part 1 A. has a partminustime job but would like a fullminustime job. B. is in his last term of college before he graduates. C.has looked for a job in the last four weeks but has not found a job. D.has worked at least 1 hour but not more than 15 hours as a paid employee during the last week. E. does not have a job and stopped looking for a job at least two months ago.

has looked for a job in the last four weeks but has not found a job.

What are the effects of an increase in labor productivity on potential​ GDP, the quantity of​ labor, the real wage​ rate, and potential GDP per hour of​ labor? Question content area bottom Part 1 An increase in labor productivity​ _______ potential GDP and​ _______ potential GDP per hour of labor. A. ​increases; decreases B. ​decreases; increases C. ​increases; increases ​decreases; decreases Part 2 An increase in labor productivity​ _______ the real wage rate and​ _______ the equilibrium quantity of labor. A. ​decreases; decreases; B. ​increases; increases; ​decreases; increases; D. ​increases; decreases;

increases, increases increases, increases

What are the three main types of markets for financial​ capital? Question content area bottom Part 1 The three main types of markets for financial capital are​ _______. A. bond​ markets, stock​ markets, and commercial banks B. loan​ markets, bond​ markets, and commercial banks C. investment​ banks, commercial​ banks, and insurance companies D. loan​ markets, bond​ markets, and stock markets

loan​ markets, bond​ markets, and stock markets

What is the​ crowding-out effect and how does it​ work? Question content area bottom Part 1 The​ crowding-out effect is the tendency for a government budget deficit to​ _______ the real interest rate and decrease​ _______. A. ​lower; saving by the full amount of the government budget surplus B. ​raise; investment Your answer is correct.C. ​lower; saving D. ​raise; investment by the full amount of the government budget deficit Part 2 A government budget deficit​ _______ the real interest rate because​ _______. A. ​lowers; the supply of loanable funds increases ​lowers; the demand for loanable funds decreases C. ​raises; the supply of loanable funds decreases D. ​raises; the demand for loanable funds increases

lower, saving ​raises; the demand for loanable funds increases

Wealth is the value of all the things that people​ _____. A. own save C. spend D. demand

own

Net domestic income at factor cost​ _______ indirect taxes less subsidies​ _______ depreciation gives GDP​ (income approach).

plus, plus

Which of the following is an example of an intermediate good or service​? A. Mike bought Puma shoes. B. United buys Boeing aircrafts. C. Samsung buys compressors for manufacturing refrigerators. D.Sarah bought a Sony HDTV.

samsung buys compressors for manufacturing refrigerators.

For twenty​ years, Jim was a customer service representation at a call center in Minnesota. In order to save​ money, his firm moved the call center to India and laid off Jim two years ago. Jim has been unable to find a similar job anywhere.​ Jim's unemployment is best classified as Question content area bottom Part 1 A. seasonal. B. competitive. C. frictional. D. cyclical. E. structural.

structural

Structural unemployment includes people who become unemployed from Question content area bottom Part 1 A. changes in the business cycle. B. changes in the seasons. C. technological changes .D.normal changes in the labor force. E.going back to school.

structural employment

How is real GDP​ calculated?

summing together the value of the​ year's production using the prices of the reference base year

What is economic growth and how do we calculate its​ rate? Question content area bottom Part 1 Economic growth is​ _______. A. the expansion of production possibilities B. the annual percentage change in labor productivity C. the annual percentage change in the quantity of money D. the return to full employment in an expansion phase of the business cycle Part 2 Growth rates are calculated in a similar manner for all variables. Real GDP growth rate​ = [(Real GDP in​ _______ yearminusReal GDP in​ _______ ​year)divided byReal GDP in​ _______ year ​]times100. A. ​previous; current; previous B. ​current; previous; previous Your answer is correct.C. ​previous; current; current D. ​current; previous; current

the expansion of production possibilities and current,previous, previous