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5 Written Questions

5 Matching Questions

  1. Full Employment
  2. Government Purchases (G)
  3. Seasonal Adjustment
  4. Structural Unemployment
  5. Nominal Variable
  1. a A variable measured without adjustment for the dollar's changing value
  2. b Joblessness arising from mismatches between workers skills and employers requirements or between workers locations and employers locations
  3. c Spending by federal, state, and local governments on goods and services
  4. d Adjusting an economic variable to remove the effects of changes predicted to occur at that time of year
  5. e A situation in which there is no cyclical unemployment

5 Multiple Choice Questions

  1. The fraction of the labor force that is without a job
  2. Any payment that is not compensation for supplying goods, services, or resources
  3. Measuring GDP by summing the factor payments earned by all households in the economy
  4. individuals who would like a job, but have given up searching for one
  5. The sum of a business plant, equipment, and software purchases, new-home construction, and inventory changes; often referred to as just investment

5 True/False Questions

  1. Involuntary Part-time WorkersIndividuals who would like a full-time job, but who are working only part time


  2. Net Exports (NX)Total exports minus total imports


  3. Value-added approachMeasuring GDP by summing the values added by all firms in the economy


  4. Net InvestmentInvestment minus depreciation


  5. Expenditure ApproachMeasuring GDP by adding the value of goods and services purchased by each type of final user


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