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Which of the following statements is correct concerning GDP and GNP?
GDP measures output within the nations borders only
If GDP grows more rapidly than population for a particular country over a period of time, then we can determine that
GDP per capita has increased
Which of the following would not be included in the calculation of GDP?
Tips earned by a bartender who does not report it to the IRS
(GRAPH) In figure 5.1, during the 1980-1990 time periods, real GDP was relatively constant, but nominal GDP increased. This can be explained by:
According to Okun's law, if unemployment rises by 5 percent, the economy will lose output equal to:
The most widely used measure of the unemployment rate is found by the:
US Census Bureau in monthly surveys that examine whether people are working or are willing to work
If the population of a country is 250,000 people, its labor force consists of 145,000 people, 35,000 people are unemployed, 10,000 are unable to work, and 5,000 are unwilling to work, the unemployment rate is:
Individuals who are working part-time while seeking full-time employment are classified as:
Nancy returns to school to study medicine. After graduating, she spends six months looking for a job. During this period she is considered:
A US worker who loses his or her job in an export industry because aggregate demand decreases would be classified as, ceteris paribus:
If a bank has already lent money at fixed interest rates, then during a period of inflation, it experiences:
The consumer price index is:
A measure of changes in the average price of consumer goods and services
The base period used in computing a price index is:
A recent year from which meaningful comparisons can be made
When production costs increase and producers raise output prices, the result is:
According to classical theory:
Flexible wages and prices allow a laissez faire economy to adjust to shifts in aggregate demand
The most prolonged departure from the long-term growth path for the United States occurred during:
The great depression
The real-balance effect says that an increase in the price level:
Reduces the value of savings, which reduces the purchases of goods and services
Which combination of shifts of aggregate demand and supply would definitely cause an increase in real GDP?
Demand shifts to the right and supply shifts to the right
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