Question

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1. Which of the following suggest that real per capita GDP is not a perfect measure of economy well-being?
a. population varies acro​ss countries
b. GDP doesn't measure the value-added during home production
c. GDP doesn't take into account income distribution
d. GDP understimates the values of goods and services produced in the economy because of inflation
e. GDP inacurrately measures the values of goods and services produced by the government
2. Suppose that y(t) describes how a variable y varies over time. Then the growth rate of the variable from year t to year t+1 is (approximately) equal to ( select all correct answers)
a. y(t+1) - y(t)
b. y(t+1) / y(t)-1
c. ln(y(t+1) / y(t)-1)
d. ln(y(t+1) / ln(y(t))
3. suppose the economy exhibits three consecutive quarters of negative real per capita growth. Would the policymakers say that the economy is in recession?
a. yes
b. no
4. when do we say that the economy is in a recession (select all the correct answers)
a. when the economy in in distress
b. when GDP is below its trend
c. when real per capita GDP is below its trend
d. when the economy exhibits two consecutive quarters of negative real per capita GDP growth
e. when unemployment is unusually high.