Unemployment/GDP

What does GDP measure?

• The monetary value of goods and services produced within a country's borders

• The total amount of money in a country's economy

• The monetary value of goods and services produced outside a country's borders

• The total number of goods and services produced within a region's borders

*Bonus* Name one of the top 3 economies in the world. That IS NOT the United States of America.

How are the survey responses weighted for the Current Population Survey?

• By adjusting for age, sex, race, ethnicity, and state of residence of the person

• By adjusting for the number of people collecting unemployment insurance

• By adjusting for the activities during the reference week

• By adjusting for the number of households in the sample

What is the sample size for the Current Population Survey?

• Approximately 110,000 individuals

• Approximately 2,000 people

• Approximately 60,000 households

• Approximately 800 geographic areas

How does the government measure the extent of unemployment in the country?

• By conducting a population census every 10 years

• By using the number of people collecting unemployment insurance

• By counting every unemployed person each month

• Through a monthly survey called the Current Population Survey (CPS)

What do workers and their families lose when workers are unemployed?

• Purchasing power

• Goods and services that could have been produced

• Wages

• All of the above

Why does the government collect statistics on the unemployed

• To track the purchasing power of workers

• To determine the extent and nature of the problem

• To calculate the unemployment insurance benefits

• To measure the number of people collecting unemployment insurance

What is nominal GDP?

• GDP adjusted for inflation

• GDP measured only during certain seasons

• GDP measured without adjusting for inflation

• GDP measured only in certain industries

Which time frame does the Bureau of Economic Analysis NOT report GDP figures in the United States?

• Quarterly

• Monthly

• Yearly

• Every two years

What is real GDP?

• GDP adjusted for inflation

• GDP measured only during certain seasons

• GDP measured only in certain industries

• GDP measured without adjusting for inflation