C) intermediate good U D) consumer goods and services 19. Which one of the follo

Question

C) intermediate good U D) consumer goods and services 19. Which one of the following transactions will be included in the official measurement of GDP? A) Stan sold his house at a huge gain. B) Monica illegally downloaded movies to her laptop. C) Ben won the state lottery- D) Sean bought a new truck 20. Real GDP is: A) the value of the production of all final goods and services measured in current prices. the value of the production of all final goods and services adjusted for price changes. the projected future value of GDP D) calculated by adding up only the real number of all items sold in the United States regardless of their prices. B) 21. To be counted as unemployed, one must A) have had a job previously B) be out of work and be actively looking for a job during the past four weeks. C) have had a job before and be actively looking for work. D) be actively looking for a job and have at least a high-school diploma or its equivalent 22. If the population of the United States is 260 million, the labor force is 130 million, and 120 million workers are employed, the rate of unemployment is: A) 7.7%. B) 8.3%. C) 50%. D) 92%. 23. Cyclical unemployment is primarily caused by A) a large proportion of youthfull workers B) structural unemployment C) downturns in economic activity frictional D) discouraged workers Page 4

Explanation / Answer

1- gdp is the value of all the final goods and services produced within the domestic territory of the country during an accounting year,

here the official measurement of gdp includes point D

2- real gdp is the value of all the final goods and services produced within the domestic territory of the country during an accounting year adjusted for the inflation in the economy,

so answer is B

3- unemployment is when a person is actively looking for a job but doesnt have one, but he should actively be looking for a one,

so answer is C

4- now labour force is the sum of emplyed and unemployed people in the economy,

so here the unemployment rate is 10/130*100 = 7.7%

so answer is A

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