Question

Which of the following items is a final good?
a.   a. mustard in a deli
b.   b. tin purchased by a can company
c.   c. a sweater purchased by someone in a department store
d.   d. all of the above are correct

Gordon James is a person who sells narcotics on the street. This type of illegal activity:
a.   a. would be considered double counting in calculating GDP.
b.   b. is estimated and included in GDP figures.
c.   c. is excluded from GDP figures.
d.   d. none of the above

Which of the following would definitely not be included in the measurement of GDP?
a.   value of the services of a painter who paints your garage
b.   value of the services of a person who mows his or her own lawn
c.   value of the services of a maid who cleans your house
d.   value of the services of a plumber who fixes your kitchen sink

Mary-Helen has been out of work for a full year. She is not actively searching for work. She is considered to be

a.   A employed
b.   B unemployed
c.   C lazy
d.   D a discouraged worker
Jenny works in the house as a nanny. She gets paid once a month by the owner of the house. She is feeling overwhelmed, and in her free time she is looking for another job. Therefore we can say that

a.   Jenny is not in the labor force
b.   Jenny consider as unemployed because she is looking for another jobs
c.   Jenny is count as employed

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Question 12
2 pts
Which of the following statements is false?
Group of answer choices

a.   A discouraged worker is counted as an unemployed worker
b.   The frictional unemployment rate is less than the natural unemployment rate.
c.   The natural unemployment rate is greater than the structural unemployment rate.
d.   an unemployed individual is counted in the labor force statistics

Look at the following data: The frictional unemployment rate is 3 percent, the natural unemployment rate is 6.5 percent, and the cyclical unemployment rate is 2.4 percent. The structural unemployment rate is __________ percent and the actual unemployment rate (in this economy) is __________ percent.

a.   3; 8.9
b.   3.5; 8.9
c.   3.5; 9.5
d.   5.4; 2.4

Which of the following statements is true?

a.   Base year prices are always higher than current year prices
b.   The CPI in the base year is 100
c.   The sum of the unemployment rate and the labor force participation rate is always 100 percentys equals 100 percent
d.   A retiree is counted as an employed worker
The U.S. government reported in March 2009 that there were 81.0 million people not in the labor force; 154.0 million in the civilian labor force, and 140.9 million employed. What is the unemployment rate?

a.   13.1
b.   9.3
c.   8.5
d.   5.5
Someone who loses their job due to technology tends to fall into which of the following types of unemployment

a.   frictional
b.   structural
c.   cyclical
d.   seasonal
Which of the following would not be useful to help keep track of the health of your local economy?

a.   the number of new businesses started
b.   the number of job lost
c.   the number of homes being built
d.   who people vote for

A local travel agency closes down because customers can book their own travel directly online. This would represent___ unemployment

a.   structural
b.   cyclical
c.   frictional
d.   seasonal

A server at a busy restaurant quits her job because she needs to work days instead of nights. This would be ___ unemployment
a.   frictional
b.   seasonal
c.   structural
d.   cyclical

Answer 1

1.A final good is used for consumption by the end user and is not a part of the production process.

Answer-C

2.Income from illegal activities are not included in GDP.

Answer-C

3.The value of service of a person who does his own lawn is not an economic transaction and is not included in GDP.

Answer-B

4.A person who has been unemployment for one year and is not looking for a job is a discouraged worker.

Answer-D

Please note the we are under obligation to answer the first four questions only.