21. GDP measures a. The market value of intermediate products produced during th

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21. GDP measures a. The market value of intermediate products produced during the year b. The sum of the market value of both final and intermediate products produced during the year c. The sum of the market value of final products produced and imported during the year d. The market value of final products produced in the nation during the year 22. Why has nominal GDP typically increased more rapidly than real GDP? Because of inflation b. Because of unemployment c. Because of high interest rates d. Because of deflation 23. Which of the following typically affects our well-being but is NOT included in GOP? a. Nonmarket goods b. The value of leisure c. The cost of environmental damage d. All of the above 24. It is generaly agreed that the U.S economy is currently in the expansion phase of a business cycle. Which of the following is true? a. Equilibrium real GDP is growing b. Cyclical unemployment is increasing e. The natural rate of unemployment is increasing d· The GDP deflator must be declining 25 Unemployment caused by economic decline or recession is called: a. Frictional unemployment b. Cyclical unemployment Structural unemployment d. Necessary unemployment 26. The natural rate of unemployment in the United States is currently 49% f the current actual unemployment rate is also 4.9%in the united States, then a. The U.S economy is in a recession b. The Ocical unemployment rate is also 4 9% c The US economy is operating at full employment d. Actual real GDP is less than potential real GDP 27. Unemployment that results from changes in the composition of output produced by the economy or by technological changes and causing more people to seek jobs in a particular labor market than there are jobs available at the current wage rate is called a. Structural unemployment b. Technological unemployment c. Critical unemployment d. Frictional unemployment worth. Gehrig is considered to be b. A discouraged worker 28. Gehrig graduates from Oklahoma University but cannot find a job that pays what he thinks he is a. Frictionally unemployed C. Cyclically unemployed d. Structurally unemployed

Explanation / Answer

Answer.)

Q21.) d.) The market value of final products produced in the nation during the year.

GDP is the total value of everything produced by all the people and companies in the country.

Q22.) a.) Because of inflation

The main difference between nominal and real values is that real values are adjusted for inflation, while nominal values are not.

Q23.) d.) All of the above

Q24.) a.) Equilibrium real GDP is growing

Q25.) b.) Cyclical unemployment

Cyclical unemployment is a factor of overall unemployment that relates to the cyclical trends in growth and production that occur within the business cycle.

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