Econ Unit 3: Macroeconomics

Which of the following goods would be included when calculating the U.S.'s GDP?

• A BMW manufactured in Alabama

• A bike bought in China

• Goodwill clothes

• An illegal exotic animal

Which of the following goods would NOT be included in the U.S.'s GDP?

• A coffee from Starbucks

• A coffee you make at home

• Road repairs in Pima County

• A Lyft ride

Which is a final good/service?

• Concrete mix purchased by a construction company

• Pizza toppings at Pizza Hut

• Steel purchased by Ford Motors

• 12 dozen Dunkin Doughnuts

Type of unemployment: People lack skills that the job market demands.

• structural

• frictional

• cyclical

• seasonal

Type of unemployment: Computer programmer moves to San Francisco & looks for a job.

• structural

• frictional

• cyclical

• seasonal

In an economy like the U.S., when the economy is working properly, the unemployment rate is...

• 0 - 2%

• 10 - 12%

• 8 - 10%

• 3 - 5%

Unemployment type?: A lawyer leaves her job at a small firm to look for a job at a large firm

• structural

• frictional

• cyclical

• seasonal

Unemployment type?: An Umpa Lumpa lost their job at Willy Wonka's Factory during a recession

• structural

• frictional

• cyclical

• seasonal

Business failures, decreased consumption, & an increase in unemployment are indicators of...

• a recovery

• a wartime economy

• a recession

• prosperity

Full employment means a 0% unemployment rate.

• True

• False