ECN 211 EXAM 2 ASU With Questions and Correct Answers and Complete Solutions.

ECN 211 EXAM 2 ASU With Questions and Correct Answers and Complete Solutions. GDP is - ANSWER value of all final goods and services produced within a country in a given period of time. Y = C + I + G + NX - ANSWER Y = economy's total expenditure C = consumption in economy I = imports in economy G = government spending NX = net exports Net exports equal - ANSWER exports minus imports CPI is used to - ANSWER monitor changes in the cost of living over time Inflation rate - ANSWER percentage change in the price level from the previous period Indexation refers to - 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 - ANSWER be available for work.