In Exhibit T-3, GDP equals

Question options:

$2,460

$1,450

$2,430

S1,540

$1,420

Question 210

The economy is at full employment when the actual rate of unemployment equals the

Question options:

natural rate of unemployment minus the rate of cyclically unemployed workers

rate of cyclically unemployed plus the rate of structurally unemployed workers

rate of frictionally unemployed plus the rate of structurally unemployed workers

labor force minus the number of discouraged workers

Question 24

Suppose that in year 1 an economy produces 100 golf balls that sell for $3 each and 75 pizzas that sell for $8 each. The next year the economy produces 110 golf balls that sell for $3.25 each and 80 pizzas that sell for $9 each. Using year 1 as the base year, real GDP in year 2 is:

Question options:

$900

$1,000

$1,077.50

$970

Question 27

Which transactions could occur in resource or factor markets?

Question options:

Households sell products to business firms.

Business firms sell resources to households.

Households sell resources to business firms.

Business firms sell goods and services to households.

Question 29

In the circular flow model, households are on the

Question options:

demand side of the factor market and the supply side of the product market.

demand side of the factor market and the product market.

supply side of the factor market and the product market.

supply side of the factor market and the demand side of the product market.

Question 30

Which of the following is NOT a way Money flows from business to households?

Question options:

interest

taxes

wages

rent

Question 35

1. In the economy of Talikastan in 2015, exports were $200, GDP was $3000, government purchases were $500, imports were $250, and investment was $800. What was Talikastan's consumption in 2015?

Question options:

$1750

$1370

$830

$2050

Question 37

The table below displays the information about all goods and services produced in OCCland in various years.

YearsIce CreamKiwisCell phones

PriceQuantityPriceQuantityPriceQuantity

2010$4.253,000$1.251,000$10025

2011$4.503,200$1.501,200NANA

2012$5.004,000$2.001,500$500100

The Nominal GDP for

Question options:

2010 is $16,500 and 2011 is $16,200 and 2012 is $73,000

none of the above

2010 is $16,500 and 2011 is $14,000 and 2012 is $73,000

2010 is $14,200 and 2011 is $16,200 and 2012 is $73,000

Question 40

Samantha decided to quit her job at Oakland Community College because she did not find the work challenging enough. Samantha is currently looking for a better job. Therefore, Samantha would be labeled as

Question options:

cyclically unemployed

frictionally unemployed

discouraged worker

frictionally employed

structurally unemployed