The expenditure approach to measuring U.S. GDP equals _________
A. the sum of U.S. consumption expenditure and U.S. investment
B. U.S. government expenditure minus taxes paid by Americans
C. all expenditure on final goods and services produced in the United States in a given time period
D. all expenditure by Americans on goods and services produced in the United States in a given time period
D Answer D is effectively the definition of the expenditure ap-proach.
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The relationship between the quantity of inputs and the quantity of outputs is called:
A. an input-output function. B. a production function. C. a cost function. D. a resource function.
The demand for labor is:
a. derived demand. b. featherbedding demand. c. marginal utility demand. d. all of these.
Assume that, given factors of production and existing knowledge and technology, it is not possible to produce more of one good without foregoing the opportunity to produce some of another good. Economists would characterize this situation as: a. inefficient
b. efficient. c. due to unemployment. d. a point outside the production possibilities frontier.
During the early 1990s, many workers in military-related industries lost their jobs as the defense budget was reduced. Unemployment of this type is called
a. cyclical unemployment. b. the natural rate of unemployment. c. frictional unemployment. d. structural unemployment.