Gross domestic product is equal to the market value of all final goods and services:

• exchanged during a period.
• produced domestically during a period.
• produced by the citizens of a nation during a period.
• produced domestically during a period minus the depreciation of productive assets.

Which of the following expenditures would not be included in GDP?

• Purchase of a new lawnmower.
• Purchase of a silver cup previously sold new in 1950.
• Purchase of a ticket to the latest movie.
• All of these would be counted in GDP.

In the circular flow model,

• money flows from the firms to the households through the product market.
• money flows from the households to the firms through the product market.
• money flows from the households to the firms through the resource market.
• money flows from the households to the firms through both the product market and the resource market.

All final goods and services that make up GDP can be expressed in the form:

• GDP = C + I - G + (X + M).
• GDP = C + I + G + (X + M).
• GDP = C + I + G + (X - M).
• GDP = C + I + (X - M).

Personal income minus personal taxes is:

• disposable personal income.
• net national income.
• proprietors' income.
• indirect business taxes.

The unemployment rate equals the number of persons:

• unemployed divided by the number employed.
• unemployed divided by the number in the labor force.
• unemployed divided by the population age 16 and over.
• not working divided by the population age 16 and over.

Inflation is defined as an increase in:

• real wages of workers.
• real GDP.
• the average price level.
• all consumer products.

Logan loses his job cooking pizza when a robot can do it faster and at a lower expense. Which type of unemployment is he experiencing?

• Cyclical

• Structural

• Frictional

A good way to measure standard of living is by calculating

• the economic growth rate
• the inflation rate
• the unemployment rate
• per capita GDP

a student who just graduated from college and is waiting to start their new job is...

• frictionally unemployed

• structurally unemployed

• cyclically unemployed