1. First-time sales of newly constructed houses get counted in the GDP as: (a) personal consumption expenditures on durable goods; (b) personal consumption expenditures on services; (c) a financial asset; (d) gross private domestic investment.
2. Which of the following does not offer a partial explanation for why developing economies often tend to grow faster than developed economies? (a) growth rates off a relatively smaller base naturally tend to be larger than off a larger base; (b) sometimes, developing economies can infuse the most modern technologies faster than developed economies; (c) developing economies typically have more modern and more advance and tech-savvy educational establishments than developed economies; (d) developing economies often have some more modern infrastructure than developed economies.
3. Which of the following is NOT generally considered a determinant of the U.S. labor force participation rate? (a) cultural shifts, such as the increased presence of women in the work force; (b) persistent seasonal unemployment of labor; (c) persistent structural unemployment; (d) demographics, such as the aging of the labor force.
4. Over the course of the past half century, which statement about U.S. labor unions is MOST true? (a) emphasis in union negotiations with management have focused less on benefits and working conditions and more on wage levels; (b) government employees constitute larger and larger shares of union membership; (c) overall union membership generally has increased, especially in industrial unions; (d) union membership tends to increase as service-sector employment rises relative to manufacturing sector employment.