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ECN 211 EXAM 2 ASU QUESTIONS WITH CORRECT ANSWERS
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GDP is CORRECT ANSWER value of all final goods and services produced within a country in a given period of time. Y = C + I + G + NX CORRECT ANSWER Y = economy's total expenditure C = consumption in economy I = imports in economy G = government spending NX = net exports Net exports equal C...

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  • January 16, 2023
  • 4
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • gdp is correct answer value of all final goods and services produced within a country in a given period of time y c i g nx correct answer y economys total expenditure c consumption i

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ECN 211 EXAM 2 ASU QUESTIONS WITH
CORRECT ANSWERS
GDP is CORRECT ANSWER value of all final goods and services produced within a
country in a given period of time.

Y = C + I + G + NX CORRECT ANSWER Y = economy's total expenditure
C = consumption in economy
I = imports in economy
G = government spending
NX = net exports

Net exports equal CORRECT ANSWER exports minus imports

CPI is used to CORRECT ANSWER monitor changes in the cost of living over time

Inflation rate CORRECT ANSWER percentage change in the price level from the
previous period

Indexation refers to CORRECT ANSWER using a law or contract to automatically
correct a dollar amount for the effects of inflation

For the Bureau of Labor Statistics to place someone in the "unemployed" category, that
person must CORRECT ANSWER be available for work

Labor-force participation rate tells us the fraction of the population that CORRECT
ANSWER has chosen to participate in the labor market

People who are unemployed because they are in search of a job that suits their skills
are included within CORRECT ANSWER frictional unemployment

The natural unemployment rate includes CORRECT ANSWER both frictional and
structural unemployment

Wages set above the equilibrium wage by CORRECT ANSWER firms to increase
productivity are called efficiency wages

Who in the adult population is counted as "employed" in U.S. labor statistics?
CORRECT ANSWER people who are temporarily absent from their job and people who
work without pay in a family member's
business

Measure productivity by CORRECT ANSWER Divide the quantity of output by the
number of hours worked

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