Podcast
Questions and Answers
What is included in the Consumption component of GDP?
What is included in the Consumption component of GDP?
- Business investments in equipment and structures
- Value of a country's exports
- Total value of all goods and services consumed by households (correct)
- Government expenditure on final goods and services
A company buys new machinery for $500,000. Which component of GDP would this be counted as part of?
A company buys new machinery for $500,000. Which component of GDP would this be counted as part of?
- Consumption
- Net Exports
- Government Spending
- Investment (correct)
What type of activities are not included in GDP?
What type of activities are not included in GDP?
- Non-market transactions like volunteer work (correct)
- Value of a country's exports
- Government expenditure on final goods and services
- Business investments in equipment and structures
What is the Net Exports component of GDP calculated as?
What is the Net Exports component of GDP calculated as?
If the government spends $1,000,000 on building a new school, which component of GDP would this be part of?
If the government spends $1,000,000 on building a new school, which component of GDP would this be part of?
What is excluded from reflecting current production of goods and services?
What is excluded from reflecting current production of goods and services?
What type of unemployment is caused by a mismatch between the skills workers have and the skills employers need?
What type of unemployment is caused by a mismatch between the skills workers have and the skills employers need?
During which phase of the business cycle is the lowest unemployment rate typically observed?
During which phase of the business cycle is the lowest unemployment rate typically observed?
What tends to increase during the expansion phase of the business cycle?
What tends to increase during the expansion phase of the business cycle?
What is the formula for calculating the unemployment rate?
What is the formula for calculating the unemployment rate?
