What is the example of intermediate goods?

Milk used in process of baking a cake

What is stated in Okun’s law?

When unemployment increases by 1%, there is 2% fall in GDP

What is the definition of a discourage worker?

worker who has stopped looking for a job because of repeated failure

Which of following formulas is the formula for unemployment rate?

(number of people unemployed/labor force)*100

Sellect the correct statement about depreciation

decrease in the value of a firm’s capital

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Macroeconomics - chapter 1,2 and 3

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Questions 15

Answers

1
Use the table to work out in which year the UK standard of living increases
2013
2010
2011
2012
2
Which of the following terms can you connect to macroeconomics?
households
GDP
individual
firms
3
Which of the following is not part of a business cycle?
expansion
peak
inflation
recession
4
What is the example of intermediate goods?
Milk used in process of baking a cake
Television in your bedroom
Cookie that you ate because you were hungry
Bread from bakery
5
Which of the following is not the type of employment?
cyclical
natural
frictional
structural
6
What is stated in Okun’s law?
GDP grows at a steady pace because of quantities of factors of production
If there is an increase in land or labor then the frontier will shift down
Real GDP fluctuates around potential GDP
When unemployment increases by 1%, there is 2% fall in GDP
7
What is the definition of a discourage worker?
worker who has stopped looking for a job because of repeated failure
a) Worker who wants to work part-time.
a) Worker who is not happy with his rights at his current job
a person who currently is neither working nor looking for work
8
Which of following formulas is the formula for unemployment rate?
(number of people unemployed/labor force)*100
(labor force/working age population)*100
(employment-working age population)*100
(number of people unemployed-labor force)*100
9
Which of the following is not the labor market indicator:
population
the unemployment rate
the labor force participation rate
the employment-to-population ratio
10
Sellect the correct statement about depreciation
total product measured by the income approach
a) increase in the value of the firm’s capital
total amount spent on purchases of new capital
decrease in the value of a firm’s capital
11
Which of the following is NOT included in Real GD
all of the above
value of leisure time
household production
environmental change
12
3. The employment-to-population ratio is the percentage of the working-age population who have a job.
False
True
13
“value of final goods and services produced in a given year when valued at the prices of a references base year”
Potential GDP
Nominal GDP
True GDP
Real GDP
14
What is not the part of GDP definition:
final goods and services
produced within country
market value
employment
15
What is the correct equation for the calculating GDP?
GDP = C + I + G + (X-M)
GDP = C + I + G + income
GDP = C + I + G + gross profit
GDP = C + I + G + (X-Y)

Macroeconomics - chapter 1,2 and 3 Flashcards | StudBud