ECN 211 ASU EXAM 2 SET EXAM QUESTIONS REVISED WITH CORRECT ANSWERS | PASSED!!

ECN 211 ASU EXAM 2 SET EXAM QUESTIONS REVISED WITH CORRECT ANSWERS | PASSED!! For the Bureau of Labor Statistics to place someone in the "unemployed" category, that person must - ANSWER : be available for work Labor-force participation rate tells us the fraction of the population that - ANSWER : has chosen to participate in the labor market People who are unemployed because they are in search of a job that suits their skills are included within - ANSWER : frictional unemployment The natural unemployment rate includes - ANSWER : both frictional and structural unemployment Wages set above the equilibrium wage by - ANSWER : firms to increase productivity are called efficiency wages Who in the adult population is counted as "employed" in U.S. labor statistics? - ANSWER : people who are temporarily absent from their job and people who work without pay in a family member's busines Measure productivity by - ANSWER : Divide the quantity of output by the number of hours worked Industrial machinery is an example of - ANSWER : - factor of production that in the past was an output from the production process -physical capital. -something that influences productivity Cyclical unemployment is closely associated with - ANSWER : short-run ups and downs of the economy Calculate GDP - ANSWER : GDP=C+I+G+(X-Im) Real vs. Nominal GDP - ANSWER : real values are adjusted for inflation, while nominal values are not. As a result, nominal GDP will often appear higher than real GDP Intermediate vs. Final Goods - ANSWER : intermediate goods-goods used in the production of final goods final goods- final goods are the goods which are ready for sale in the market