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5 Written questions

5 Matching questions

  1. Cyclical Unemployment
  2. Potential Output
  3. Unemployment Rate
  4. Frictional Unemployment
  5. Final Good
  1. a Joblessness arising from changes in production over the business cycle
  2. b The level of output the economy could produce if operating at full employment
  3. c The fraction of the labor force that is without a job
  4. d Joblessness experienced by people who are between jobs or who are just entering or reentering the labor market
  5. e A good sold to its final user

5 Multiple choice questions

  1. Spending by federal, state, and local governments on goods and services
  2. The sum of a business plant, equipment, and software purchases, new-home construction, and inventory changes; often referred to as just investment
  3. A situation in which there is no cyclical unemployment
  4. Joblessness related to changes in weather, tourist patterns, or other seasonal factors
  5. The part of GDP purchased by households as final users

5 True/False questions

  1. Nonmarket ProductionInvestment minus depreciation


  2. Factor PaymentsPayments to the owners of resources that are used in production


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


  4. Real VariableA variable adjusted for changes in the dollar's value


  5. Value AddedThe revenue a firm receives minus the cost of intermediate goods it buys