GDP and Unemployment and Inflation 2024 quiz

If operators are fired and replaced with computer technology, the operators would be considered

• frictionally unemployed

• structurally unemployed

• cyclically unemployed

• dissatisfiededly unemployed

Seasonal unemployment

• Describes recent college graduates

• Is predictable

• Is a result of changes in technology

• Slows the economy Slows the economy

The unemployment rate will drop if

• A person is hired into a new job

• Someone who was previously laid off is rehired

• An unemployed person stops looking

• All of the above

The natural rate of unemployment is equal to

• frictional plus cyclical

• cyclical plus structural

• frictional plus seasonal

• structural plus frictional

A peak in business cycle is indicated by ______ unemployment and _______ output.

• higher ; lower

• lower ; higher

• decreasing ; increasing

• increasing ; decreasing

The trade in exotic animals being illegally sold as pets is a multi-billion-dollar-a-year industry. Is this included in GDP?

• Yes - Consumer spending

• Yes - Government Spending

• No - Underground Economy

• No - Non-market activity

Which is a final product in a bakery?

• Cake
• Flour
• Eggs
• Sugar

In which part of the GDP calculation does this fit?

You spend $15 at AMC to see the latest Avengers movie.

• Consumer spending

• Government spending

• Investment spending

• Net exports

What type of GDP is calculated with the current year's prices?

• Nominal GDP
• Real GDP
• GDP per capita

High levels of GDP per capita indicate...

• Higher levels of happiness 
• Higher standard of living
• Equal levels of wealth 
• Self-sufficient communities