ECON 202

GDP def - Answer Gross Domestic Product-market value of final goods and services produced within a country in a given time period (4 part def) Final good/service and intermediate good/serviced - Answer final-item that is bought by its final user during a specified time period intermediate- item produced by one firm, bought by another firm, and then used as component of final good or service. We don't add the intermediate value because it would be double counting! Income v. Expe...

Discouraged workers are classified by the BLS as A) out of the labor force. B) unemployed. C) part of the labor force. D) employed. E) More than one of the above is correct - Answer A 2) If the number of unemployed workers is 19 million, the number in the working-age population is 500 million, and the unemployment rate is 4%, how many workers are in the labor force? A) 20 million B) 1 million C) 481 million D) 475 million E) None of the above - Answer D If the number of...

scarcity - Answer limited amounts of a good or service calling for a decision of distribution opportunity cost - Answer cost of not doing option 1 and instead doing option 2 correlation - Answer movement of variables together that aren't the result of one inherently causing the other causation - Answer when one variable changes and causes the other to change positive statement - Answer statement of fact that is verifiable normative statement - Answer a stateme...

Temporary supply shocks: a) would affect the short run equilibrium b) shift the aggregate supply curve in the short run c) are significant events that directly affect production d) All of these are true - Answer D An increase in overall price level: a) generally have no effect on spending b) result in people reducing their consumption c) increase people's dollar-denominated wealth d) result in people increasing their consumption - Answer B If the government were to decrea...

GDP Equation - Answer Y=C+I+G+NX Consumption - Answer C Investment - Answer I Government Purchases - Answer G Net Exports - Answer NX Net Export Equation - Answer NX=Exports-Imports GDP Deflator - Answer 100*(nominal GDP/real GDP) Consumer Price Index (CPI) - Answer 100*(Cost of basket in current year/cost of basket in base year) Inflation Rate - Answer (CPI this year-CPI last year)/CPI last year)*100% Amount in Today's Dollars - Answer ...

household survey - Answer u.s. bureau of census. current population survey of 60,000 employment status of everyone 16 year or older establishment survey (payroll survey) - Answer burea of labor statistics. samples about 300,000 business establishments persons employed on a company payroll to be counted unemployed - Answer dont have a job, available for work actively looked for work in the past week 4e25rwhat would be classified as employed unemployed or not in labor force - Ans...

Supply Curve - Answer A curve that shows the relationship between the price of a product and the quantity of the product supplied. Positive sloping. Six things that shift supply curve: - Answer 1. Change in resources 2. change in technology 3. changes in taxes and subsidies 4. change in prices of other goods 5. change in producer expectation 6. change in number of suppliers Consumer Surplus - Answer the difference between the total amount that consumers are willing and able ...