ECON 20a Chapter Notes - Chapter 6: United States Census Bureau

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16 Feb 2017

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How unemployment is measured: in 2011, it was found that 172 million americans were not employed, the 172 million americans are either considered unable or unwilling to work for the most part. Those unable to work includes those that are old or very young. The ill are also considered as unable to work: statistics rely on the behavior of those that are unemployed to categorize them. The household survey: census bureau"s household survey, conducted by the united states census bureau, a survey collects data from thousands of households in the united states. Those that are under 16 excluded from the survey. Those in the military are excluded from the survey. Those currently institutionalized are excluded from the survey: institutionalized members include those in hospital for treatment and those that are imprisoned, the survey asks the household members with questions regarding employment. The survey asks if the member is currently employed for pay.

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I need help right now, please

1- Goods that are not sold during the year are included as part of that year's investment in calculating GDP.
A- True
B- False

2- When the nominal GDP has increased in the United States, we know that:

A- the U.S. price level has increased
B- the U.S. price level has decreased.
C- U.S. output of goods and services has increased.
D- Either the U.S. output of goods and services or the price level has increased.
E- Both the U.S. output of goods and services and the price level have increased.

3- Fill in the blank: GDP is the total value of ________ produced for the marketplace during a given year, within the nation's borders

A- all goods
B- all goods and services
C- all final goods
D- all final goods and services
E- all final and intermediate goods and services

4- Structural unemployment is considered a microeconomic problem.

A- True
B- False

5- The unemployment rate in the United States is defined as the number of unemployed divided by _____.
A- the U.S. population
B- the number of employed plus the number of unemployed
C- the U.S. population over the age of 16
D- the number of employed
E- the number of employed minus the number of unemployed

6- If Americans buy $500 billion worth of foreign goods and services, and foreigners buy $200 billion worth of American goods and services, then net exports for the United States are equal to _____.
A. $100 billion
B. $200 billion
C. -$300 billion
D. $500 billion
E. $700 billion

7- Discouraged workers are people who used to work, but no longer want a job.

A- True
B- False

8- In the expenditure approach, GDP is equal to _____.

A. C + I + G + exports - imports

B. C + I + G

C. C + I + G + exports

D. C + I + G + imports

E. C + I + G + exports + imports

9- U.S. GDP measures the production of goods and services by Americans, regardless of which country they reside in when they produce those goods and services.

A- True
B- False

taneagle172

Urgent! I need help with these questions, please.

1- The GDP of Mexico in current US dollars according to the World Bank was the US $0.683 Trillion in 2000 and had grown to the US $1.151 Trillion in 2015. Calculate the GDP percentage change from 2000 to 2015. Show your work.

2- In the expenditure approach to GDP, government purchases include all spending on goods, services, and transfer payments by government agencies.

A- True
B- False

3- The economy is considered at full employment when:
A. the unemployment rate is zero.
B. structural unemployment is zero.
C. cyclical unemployment is zero.
D. frictional unemployment is zero.

4- Which of the following would be considered 'private investment' in GDP?
A. A computer printer purchased by a law firm
B. A computer printer purchased by a student
C. A computer printer purchased by the St. Louis police department
D. All of these

5- Goods that are not sold during the year are included as part of that year's investment in calculating GDP.
A-True
B- False

6- When the nominal GDP has increased in the United States, we know that:

A- the U.S. price level has increased
B- the U.S. price level has decreased.
C- U.S. output of goods and services has increased.
D- Either U.S. output of goods and services or the price level has increased.
E- Both U.S. output of goods and services and the price level have increased.

7- Fill in the blank: GDP is the total value of ________ produced for the marketplace during a given year, within the nation's borders

A- all goods
B- all goods and services
C- all final goods
D- all final goods and services
E- all final and intermediate goods and services

8- Structural unemployment is considered a microeconomic problem.

A- True
B- False

9- The unemployment rate in the United States is defined as the number of unemployed divided by _____.
A- the U.S. population
B- the number of employed plus the number of unemployed
C- the U.S. population over the age of 16
D- the number of employed
E- the number of employed minus the number of unemployed

10- If Americans buy $500 billion worth of foreign goods and services, and foreigners buy $200 billion worth of American goods and services, then net exports for the United States are equal to _____.
A. $100 billion
B. $200 billion
C. -$300 billion
D. $500 billion
E. $700 billion

11- Discouraged workers are people who used to work, but no longer want a job.

A- True
B- False

12- In the expenditure approach, GDP is equal to _____.

A. C + I + G + exports - imports

B. C + I + G

C. C + I + G + exports

D. C + I + G + imports

E. C + I + G + exports + imports

13- U.S. GDP measures the production of goods and services by Americans, regardless of which country they reside in when they produce those goods and services.

A- True
B- False

roseguinea-pig543

This question tests your knowledge of what activities are includedin calculating GDP. Decide for each item whether it is part of GDPand, if so, to which expenditure category it belongs.

2. Purchase of 100 shares of General Motors stock:

A. Not counted in GDP

B. Counted as part of consumption

C. Counted as part of investment

D. Counted as part of government

E. Counted as part of net exports

3. Consider the following three individuals.

Julie did not work for pay last week, but she met with a jobcounselor and went on two job interviews.

Jack was laid off from his job at a furniture store six months ago.He has a family to support and is frustrated with his inability tofind a full-time position. Last week he took a part-time job at afast-food restaurant, but could work only three hours.

Patricia has been out of work for almost a year. She desperatelyneeds a job but has become so discouraged that she has given up onher job search.

Which of these people would be considered unemployed by the Bureauof Labor Statistics (BLS)?

A. Julie

B. Jack

C. Patricia

D. Julie and Jack

E. Julie and Patricia

F. Jack and Patricia

G. All three individuals

H. None of the individuals

4. Which of the following individuals would NOT be consideredunemployed under the Bureau of Labor Statistics criteria?

A. An assembly-line worker for General Motors who is laid offbecause of a reduction in car sales.

B. An assembly-line worker for General Motors who quits her job andreturns to college on a full-time basis.

C. An assembly-line worker for General Motors who quits her job butis interviewing for a position as a part-time bank teller.

D. A recent high-school graduate who is seeking his first job as anassembly-line worker at General Motors.

This table shows employment data for the United States for December2002. The civilian unemployment rate, which is the most commonjobless statistic quoted in the press, only includes non-militaryand non-institutionalized adults 16 years of age and older. Allnumbers are in thousands of people.

Civilian Non-Institutional Population
(16 years of age and over) Employed Unemployed

214,968 133,952 8,590

Source: Economic Report of the President, 2003

5.1. What was the unemployment rate in December 2002? (Express youranswer to the nearest tenth of a percent.)

%
Please enter 1 digit after the decimal point.

This table shows employment data for the United States for December2002. The civilian unemployment rate, which is the most commonjobless statistic quoted in the press, only includes non-militaryand non-institutionalized adults 16 years of age and older. Allnumbers are in thousands of people.

Civilian Non-Institutional Population
(16 years of age and over) Employed Unemployed

214,968 133,952 8,590

Source: Economic Report of the President, 2003

5.2. What was the labor force participation rate in December 2002?(Express your answer to the nearest tenth of a percent.)

%
Please enter 1 digit after the decimal point.

6. The Consumer Price Index measures:

A. The cost of all goods and services produced within a country'sborders

B. The cost of goods and services consumed by a typicalhousehold

C. The change in income received by a typical household

D. The cost of keeping a family above the poverty line

7. Which of the following is NOT a characteristic of discouragedworkers?

A. They want a job.

B. They are not currently working.

C. They are counted as unemployed by the government.

8. If gross investment is $50 billion and depreciation is $20billion, the economy's capital stock rises by:

A. $70 billion

B. $50 billion

C. $30 billion

D. $20 billion

9. The table shows the distribution of total expenditure on the CPImarket basket across several broad categories.
Category of Goods and Services Percent of
Market Basket

Apparel 4%
Education and Communication 6%
Food and Beverages
16%
Housing 41%
Medical Care 6%
Other Goods and Services 4%
Recreation 6%
Transportation 17%

Source: Bureau of Labor Statistics
Which of the following will have the biggest impact on theCPI?

A. A 4% increase in the cost of apparel

B. A 4% increase in the cost of medical care

C. A 4% decrease in the cost of recreation

D. A 4% increase in the cost of food and beverages

. Which of the following activities would be included in thecalculation of GDP for the United States?

A. Texas Instruments produces computer chips at a manufacturingfacility in Indonesia.

B. I chop down a cherry tree on my property and make a dining roomtable. I saw a similar table sell for $800 in a local furniturestore.

C. Honda, a leading Japanese automobile company, produces 25,000Accords at its Indiana plant and exports them back to Japan.

D. Goodyear Tire Company manufactures 250,000 tires. The tires areto be sold to General Motors, which will put them on newautomobiles.

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ECON 20a Chapter Notes - Chapter 6: United States Census Bureau

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