Answer:
The answers are highlighted in bold format in the options given.
Explanation:
1. An economist is using the output-expenditure model to calculate the gross domestic product (GDP) of a country over the course of a year. What information will the economist need to calculate the GDP? Select all that apply.
Group of answer choices
the value of unsold inventory that businesses produced during that year
the total amount of money households deposited in banks during that year
the value of spending on final goods and services by households during that year
the types of barriers the country's government imposed on trade during that year
the total amount of tax revenue paid to the government by households during that year
2. Which of the following is widely accepted as a definition of economic depression?
Group of answer choices
a long period of high budget deficits
a long period of negative economic growth
a period where employment rates rise sharply
a period where industries are disrupted by competition
3. Which of the following are NOT omitted from the unemployment rate?
Group of answer choices
adults who have retired
part-time workers seeking full-time jobs
laid-off workers seeking new employment
workers who have given up seeking a new job
4. Determine which examples below are considered unemployment.
Group of answer choices
Jailen was recently laid off from his job on the auto assembly line. The new Microsoft ARA-44 assembly robotic arm can now attach four times as many tires to a car than he could.
Retail stores often expand their workforce during fall and winter due to increased consumer activity. The people that are hired to work in such periods then lose their jobs when they end.
Denise loses her job during a period of overall decline in economic activity.
Jimmy lost his job during the recession but has not looked for a new one.
Poor working conditions have led a number of workers at a large regional company to quit their jobs and seek employment elsewhere.
5. Gabriela took out a five-year fixed-rate loan from a bank so that she could purchase a car. Over the life of the loan, the inflation rate was much higher than anticipated. How did inflation affect Gabriela or the bank?
Group of answer choices
Inflation benefited the bank because the money Gabriela repaid the loan with was worth more than expected.
Inflation benefited the bank because interest rates on fixed-rate loans rise at the same rate as the inflation rate.
Inflation benefited Gabriela because she repaid the loan with money that was worth less than expected.
Inflation benefited Gabriela because interest rates on fixed-rate loans are lowered when inflation rates rise.
6. Which of the following is an example of a country reaching its macroeconomic goals?
Group of answer choices
The value of the Japanese Yen has declined, causing prices to rise in Japan.
Canada’s unemployment rate reached 15% last year.
Inflation in Russia has changed dramatically since last year.
Germany’s GDP has increased annually by at least 3% for the past 3 years.
7. Under the output expenditure model of determining gross domestic product, what value did Peak Oil contribute to the United States’ net exports in 2018?
Group of answer choices
$0.5 billion
$1.5 billion
$2 billion
$3 billion
8. Which measurement is the BEST for determining how much an economy has grown in a year?
Group of answer choices
nominal GDP
real GDP
consumer price index
unemployment rate
9. The economy experiences ups and downs known as the business cycle (below).
business cycle
Select all answers below that are true of the business cycle.
Group of answer choices
prices stop falling in the trough.
employment is at it's highest in the peak.
unemployment is at it's highest in the peak.
prices begin to rise during a contraction.
a recession is a period of economic contraction lasting at least 6 consecutive months.
10. The federal government passes a series of deregulations that impact almost all American industries.
How does deregulation impact the overall price level in the economy?
Group of answer choices
overall price levels rise
overall price levels decrease
overall price levels stay the same
overall prices levels don't change
