National income accounting is defined as the

Group of answer choices

Measurement of aggregate economic activity.

Accounting cost associated with economic choices.

Assessment of the distribution of output.

Use of economic theory to predict future income.

None of the Answers are Correct.

National income accounts assist

Group of answer choices

Market investors in making more profitable investments.

Analysts in measuring the performance of the stock market.

Economic policy makers in formulating policies and evaluating performance.

Individuals in maximizing their incomes.

None of the Answers are Correct.

Prices are used in national income accounting for all of the following reasons except to

Group of answer choices

Provide an index to measure unemployment.

Provide an index to measure the rate of inflation.

Add the values of output from different sectors of the economy.

Compare the value of output of one period with that of another.

None of the Answers are Correct.

A nation's GDP is

Group of answer choices

C + I + G + (X - M).

The sum of value added at some stages of the production process.

The total market value of all intermediate goods and services.

None of the Answers are Correct.

The total amount of money in circulation.

A nation's GDP can be calculated as

Group of answer choices

None of the Answers are Correct.

PI plus depreciation.

NI plus depreciation.

The sum of value added and intermediate goods.

The total value added at all stages of production.

GDP per capita

Group of answer choices

None of the Answers are Correct.

Is real GDP corrected for price level changes.

Is equal to a nation's GDP divided by its population.

Does not permit comparisons of the economic welfare of different nations.

Indicates the most efficient use of resources.

The GDP per capita is the most practical way to

Group of answer choices

Measure how much income households receive.

Analyze the growth rate of the economy through time.

None of the Answers is Correct.

Make international comparisons of the standard of living.

Measure how much output can be consumed on a sustainable basis

Which of the following is directly included in the calculation of GDP?

Group of answer choices

The appreciation in value of shares of stock.

The sales of land to a builder.

The sales of sand to a glassmaker.

None of the Answers are Correct.

The final sale of a brand new Cadillac.

Which of the following would not be included in the calculation of GDP?

Group of answer choices

None of the Answers is Correct.

Contract work performed by an electrician.

Income earned by an attorney.

Income earned by a CPA.

Tips earned by a bartender who does not report them to the IRS

A furniture factory produces dining room sets. The lumber it purchases from the lumberyard is a/an

Group of answer choices

Final good.

Intermediate good.

Final service.

Intermediate service.

None of the Answers are Correct.

Which of the following is included in the labor force?

Group of answer choices

A person who voluntarily runs a charity.

A person who spends the entire day taking care of his or her own young children at home.

A student who is still in school but not working or looking for work.

None of the Answers are Correct.

part-time store clerk who is looking for another job.

The labor force participation rate is the number

Group of answer choices

Of employed divided by the number in the labor force.

Of employed divided by the total population.

Of unemployed divided by the number of employed.

None of the Answers are Correct.

In the labor force divided by the working-age population.

Production possibilities are the

Group of answer choices

Various types of input that each manufacturing facility can choose to employ.

Alternative combinations of output that can be produced using all available resources and technology.

Various production methods that producers can employ.

None of the Answers are Correct.

Percentage of output produced by each worker.

For the labor force to definitely increase,

Group of answer choices

People must turn from being discouraged workers into people actively seeking employment.

There must be an increase in total population.

None of the Answers are Correct.

There must be an increase in immigration.

People must seek or be on government assistance only.

From 1950 until 2000, the labor force participation rate has

Group of answer choices

Increased for men and decreased for women.

None of the Answers are Correct.

Decreased for men and increased for women.

Increased for men and increased for women.

Decreased for men and decreased for women.

The benefits to the United States of outsourcing include all of the following except

Group of answer choices

U.S. productivity rises, resulting in higher profits at U.S. firms that outsource.

Greater domestic investment by U.S. firms that outsource.

Higher domestic labor cost for U.S. firms.

None of the Answers are Correct.

Foreign firms insource or send jobs to the United States

If more teenagers stay in school longer rather than dropping out and entering the labor force,

Group of answer choices

None of the Answers are Correct.

The production possibilities curve shifts outward.

The production possibilities curve shifts inward.

The unemployment rate goes up.

The production possibilities curve remains unchanged.

When the economy is below full employment, it is producing

Group of answer choices

All of the above are Correct

None of the Answers are Correct.

Inside the production possibilities curve. (Below the Curve).

Beyond the production possibilities curve. Above the curve.

On the production possibilities curve.

The observation that a 1 percent increase in unemployment leads to a 2 percent decrease in real output is known as

Group of answer choices

Under allocation of resources.

A recession.

Under allocation of resources.

None of the Answers are Correct.

Okun's Law.

Which of the following groups generally has the lowest unemployment rate?

Group of answer choices

High school graduates with no further education.

College graduates.

High school dropouts.

None of the Answers are Correct.

College dropouts.