C
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A
...
D
...
D
...
E
...
A
In the circular flow, how are the "value of production," "income," and "expenditures" related?
Question 6 options:
A) Expenditures on GDP equals the value of production which equals income.
B) Once net exports of goods and services are subtracted from GDP
A
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B
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C
If we use GDP to measure our standard of living, then our procedure is
Question 9 options:
A) accurate only if we use nominal GDP rather than real GDP.
B) inaccurate because our standard of living has nothing to do with goods and services.
C) inaccurate b
C
...
D
...
E
U.S. real GDP
Question 12 options:
A) is not as accurate as nominal GDP when measuring standard of living changes over time.
B) includes the value of underground production but excludes the value of leisure time.
C) measures the change in the price level
B
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D
...
C
...
C
...
D
...
C
...
E
...
E
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B
John has been laid off from his job because of a general downturn in the economy. John's unemployment is best classified as
Question 21 options:
A) structural.
B) cyclical.
C) avoidable.
D) full.
E) frictional.
B
...
D
...
C
...
C
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