ASU ECN 211 EXAM 2 2024 WITH 100% CORRECT ANSWERS

GDP is - correct answer value of all final goods and services produced within a country in a given period of time. Y = C + I + G + NX - correct answer Y = economy's total expenditure C = consumption in economy I = imports in economy G = government spending NX = net exports Net exports equal - correct answer exports minus imports CPI is used to - correct answer monitor changes in the cost of living over time Inflation rate - correct answer percentage change in the price level from the previous period Indexation refers to - correct answer using a law or contract to automatically correct a dollar amount for the effects of inflation For the Bureau of Labor Statistics to place someone in the "unemployed" category, that person must - correct answer be available for work Labor-force participation rate tells us the fraction of the population that - correct 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