Suppose the total monetary value of all final goods and services produced in a particular country in 2010 is $500 billion and the total monetary value of final goods and services sold is $450 billion. We can conclude that:
A. GDP in 2010 is $450 billion.
B. NDP in 2010 is $450 billion.
C. GDP in 2010 is $500 billion.
D. inventories in 2010 fell by $50 billion.
C. GDP in 2010 is $500 billion.
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What is the threshold age for individuals to be considered as being in the "labor force" for statistical purposes?
A) 16 B) 18 C) 21 D) Over 21
All else equal, what is likely to happen to the unemployment rate during a recession?
a. It increases as real GDP increases. b. It decreases as real GDP remains the same. c. It increases as real GDP decreases. d. It decreases as cyclical unemployment decreases. e. It decreases as real GDP decreases.
Over the last ten years which geographic area or country had the highest per capita growth rate?
A. Western Europe B. China C. Latin America D. North America
If an increase in the government-imposed minimum wage pushes the price (wage) of unskilled labor above market equilibrium, which of the following will most likely occur in the unskilled labor market?
A. An increase in quantity of unskilled labor demanded. B. A decrease in the quantity of unskilled labor supplied. C. A shortage of unskilled labor. D. A surplus of unskilled labor (unemployment).