The Great Recession that started in 2007 was triggered by shocks in which of the following economic sectors?
A. Gold market and stock market
B. International trade and foreign exchange markets
C. Real estate and financial markets
D. Consumer and government spending
C. Real estate and financial markets
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Which of the following is typically not counted in GDP?
A) any nonmarket good and services B) income generated from apartment rentals C) illegal drug sales D) all of the above E) none of the above
If the government wants to generate a surplus as a contraction measure, the most effective method of doing so is to
a. hold taxes and decrease spending. b. increase taxes and hold or decrease spending. c. decrease both spending and taxes. d. increase both taxes and spending.
Suppose that some country had an adult population of about 50 million, a labor-force participation rate of 60 percent, and an unemployment rate of 5 percent. How many people were unemployed?
a. 1.425 million b. 1.5 million c. 2.5 million d. 5 million
Exhibit 12-3 Unemployment categories CategoryWorkers Frictional unemployment250 Structural unemployment350 Cyclical unemployment600 Discouraged workers400 Underemployment450 According to data in Exhibit 12-3 and assuming the total number people working is 8,400, the civilian labor force is
A. 7,550. B. 9,600. C. 8,400. D. 8,800.