econ unit 4

The state of Texas buys 20 billion tons of concrete for a new permanent toll road. The concrete is a(n) ___ good.

• intermediate

• final

• circular

• normal

produced goods that are consumed rather than used as a part of another good

• intermediate

• final

• circular

• normal

Businesses send _________ to the resource market.

• expenditures

• goods and services

• taxes

• revenue

Calculate the GDP in millions.

Y= C + I + G + NX

• $4,459.5

• $4,465.7

• $4,453.3

• $4,006.3

The product market sends __________ to businesses.

• land, labor, and capital

• income: wages, rent, etc.

• taxes

• revenue

The government sends ________ to households.

• expenditures

• goods and services

• taxes

• revenue

IBM, due to recent economic recession, fired 3,000 people nationwide.

• cyclical unemployment

• structural unemployment

• seasonal unemployment

In the early 2000s, a car mechanic is let go because of his lack of computer knowledge.

• cyclical unemployment

• structural unemployment

• seasonal unemployment

A farm worker is let go after bringing in the crops for the year.

• cyclical unemployment

• structural unemployment

• seasonal unemployment

Calculate the CPI for the current year.

• $164.96

• $163.99

• $167.22

• $161.10