Chapter 7 Study Guide

Front

What is the GDP for Country W?

Back

$14,925

Front

What is it called when there is a permanent loss of jobs because of nontransferable skills?

Back

Creative destruction

Front

Which of the following is NOT counted in GDP? Purchasing groceries, Building a new factory, Funding public education

Back

Intermediate goods

Front

What is the best measure of a nation’s standard of living? Options: GDP per Consumption, GDP per Capita, GNP per Nation, Natural Resources

Back

GDP per Capita

Front

What is the primary cause of cyclical unemployment?

Back

Economic downturns or recessions

Front

What does M represent in the GDP formula?

Back

Imports

Front

What does X represent in the GDP formula?

Back

Exports

Front

Which type of unemployment has to do with temporary unemployment or being between jobs?

Back

Frictional

Front

Is Macroeconomics the study of a large economy as a whole?

Back

True

Front

Is a full-time student who focuses on her studies and not seeking work counted in the labor force?

Back

False