Imagine the fictional country of Zarcania with a population of 5 million people. In 2021, the following happened: Businesses built $15 billion worth of new factories. e The government increased social security payments by $1 billion. e Zarcania exported $4 billion worth of goods. Consumer spendingincreased by $20 billion e The government spent $8 billion on new roads. e Zarcaniaimported $5 billion worth of goods. Match the activity in Zarcania from 2021 with the component of GDP it effects. Drag and drop options on the right-hand side and submit. For keyboard navigation... SHOW MORE Consumer spending New factories New roads Exported goods sold Imported goods bought Social Security payments Not included in GDP Consumption Government spending Government spending Net exports Investment Investment Consumption Notincluded in GDP New factories New roads Exported goods sold Imported goods bought Social Security payments Consumption Government spending Government spending Net exports Investment Investment Consumption Not included in GDP Net imports Which formula correctly illustrates how to find GDP? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a GDP = C+I+ G + (EX - IM) b GDP = C+|+ G+ EX C GDP = C + EX + G d GDP = G - CReferring to the preceding questions, what is the GDP of Zarcania for 2021? The GDP is $ . billion. Type your numeric answer and submitThe GDP per capita of Zaracania is $. Type your numeric answer and submitConsider Zarcania's 5 million residents. Of these 5 million people, in 2021: . 3 million are working full-time. . 300,000 are working part-time. . 600,000 are under the age of 16. . 400,000 are retired. . 500,000 are unemployed and actively looking for work. . The remainder are not working and not looking for work (i.e., full-time students or stay-at-home parents). What effect will Zarcania's unemployment rate have on its GDP?What is the size of the labor force in Zarcania? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 5 million b 4.8 million 4.3 million d 4 million e 3.8 million f 3.3 million g 3 million What is the unemployment rate in Zarcania for 2021? Round your answer to the nearest percent. The unemployment rate is %. Type your numeric answer and submit @@ ] Year Unemployment Rate 2016 8% 2017 7.5% 2018 7.6% 2019 7.7% 2020 11% 2021 Zarcania's Unemployment Rate by Year Problem 3.2.3 Using the data in the table, plot the unemployment rates for the country over the past few years. 16 Unemployment Rates 15 Rate (%) Year Unemployment Rate 2016 (1) 8 2017 (2) 7.5 2018 (3) 7.6 2019 (4) 7.7 2020 (5 11Rate (%) Using the data in the table, plot the unemployment rates for the country over the past few years. b Unemployment Rates 15 14 :Z Year Unemployment 1 Rate 1 2016 (1) 8 2017 (2) 7.5 2018 (3 2019 (4) 7.7 2020 (5) 11 - N W AN O O o The recent trend in the unemployment rates might indicate which of the following? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Zarcaniaisin a period of growth. b Zarcaniaisin a period of inflation. Zarcaniaisin a period of recession. Which of the following might be the reason for the trend in Zarcania's unemployment rates? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a More people are going back to school. b Zarcania's population is aging and people are retiring at higher rates. Real GDPis growing more slowly than the labor force. d The population is growing faster than real GDP. Which of the following might be the reason for the trend in Zarcania's unemployment rates? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a More people are going back to school. b Zarcania's population is aging and people are retiring at higher rates. Real GDP is growing more slowly than the labor force. d The population is growing faster than real GDP. Fill in the Blanks Type your answers in all of the blanks and submit X. xX Q- During this period of rising unemployment, Zarcania's actual production is located | Write your response here... (outside/within/along) their PPF curve. This likely indicates a(n) | Write your response here... (increase/decrease) in growth of GDP. Put the following events in chronological order following an initial rise in unemployment. Begin with the initial rise in unemployment. Drag and drop options into correct order and submit. For keyboard navigation... SHOW MORE Unemployment rate rises. GDP goes down. People make fewer purchases. National consumption goes down. Average personal income is lower across Zaracania. How much (if any) does each of the following transactions raise GDP? Answer as a whole number. The same individual purchases $3,000 worth of materials and builds himself a garage, which is worth $10,000. Type your numeric answer and submit How much (if any) does each of the following transactions raise GDP? Answer as a whole number. An individual pays a carpenter $10,000 to build a garage. $ Type your numeric answer and submit How much (if any) does each of the following transactions raise GDP? Answer as a whole number. The same individual goes to the woods, cuts down a tree, and uses the wood to build himself a garage that is worth $10,000. S Type your numeric answer and submit 000000 A price index that is used to measure inflation will do which of the following? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Hold prices constant b Hold quantities constant Hold neither prices or quantities constant d Hold both prices and quantities constant Match the items on the left with the corresponding selections on the right. Drag and drop options on the right-hand side and submit. For keyboard navigation... SHOW MORE A skilled airline pilot looking for work after being Cyclical Unemployment laid off as a result of fewer airplanes being purchased Structural Unemployment A worker laid off following a decline in GDP Frictional Unemployment A new college graduate actively seeking a job Given an announcement of increased numbers of unemployed individuals, what must be happening to the unemployment rate? The unemployment rate: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a must beincreasing because total unemployment is increasing b may not change due to weaknesses in our unemployment measures will decrease if employment does not increase d will decrease if employment rises more rapidly than unemployment We have reached full employment when which of the following is true? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Cyclical unemployment is zero, but frictional and structural unemployment are positive. b Frictional unemployment is zero, but cyclical and structural unemployment are positive. Structural unemployment is zero, but frictional and cyclical unemployment are positive. d Cyclical, frictional, and structural unemployment are all zero. Indicate the effects of the following on the components of real GDP. An increase in the U.S. consumption of foreign-grown bananas as substitutes for U.S. grown oranges will cause: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a An increase in consumption and an increase in imports b No change in consumption and an increase in imports C An increase in consumption and a decrease in exports d No change in consumption and an increase in net exportsIf a country is experiencing deflation: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a changes in real GDP are less than changes in nominal GDP. b changes in real GDP are equal to changes in nominal GDP. c changes in real GDP are greater than changes in nominal GDP.Suppose real GDP rises by 3.2 percent. What is the rate of change in nominal GDP? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a An amount that is definitely less than 3.2 percent. b 3.2 percent minus the rate of inflation. c 3.2 percent plus the rate of inflation. d An amount that is definitely greater than 3.2 percent.If price levels increase by 3% and total spending in the economy has increased by 5%, what has happened to real GDP? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Increase of 2% b Increase of 3% Increase of 5% d Increase of 8% Fill in the Blanks Type your answers in all of the blanks and submit X. x Q- If everything else stays the same, what happens to real GDP per capita if the following changes occur? Does real GDP per capita rise or fall? a. Consumptionrises by 10% | Write your response here... b. Government spending falls by 5% | Write your response here... c. Investment falls by 10% | Write your response here... Write your response here... | d. Net exports rise by 5% Fill in the Blanks Type your answers in all of the blanks and submit X. x Q- What approximate percentages of GDP are the following portions of GDP? Use whole numbers. Consumption spending Investment spending Government spending on goods and services | Write your response here... Exports | Write your response here... Investment spending in Gross Domestic Product will include which of the following? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a A new factory b A newly issued stock C The value of a company purchased by another for expansion d None of the aboveIf the unemployment rate decreases, which of the following may be true? Select all that apply. @ Multiple answers: Multiple answers are accepted for this question Select one or more answers and submit. For keyboard navigation... SHOW MORE a The number of people looking for work decreased and the number of people with jobs increased by even more. b = The number of people employed increased but the number of people looking for work stayed the same. The number of people unemployed stayed the same but the labor force increased