The amount of goods and services the economy could produce if the labour force is fully employed is called O . actual GDP O b. real GDP O a potential GDP O d. nominal GDPWhen an inflationary gap exists, the job prospects of new college graduates are O a. worse in comparison to a recessionary gap. O b. somewhat encouraging. 6 very dim. O d. excellent.Disposable income can be defined as national income O a. minus government taxes. O b. plus taxes plus transfers. O & minus indirect taxes, Od. minus taxes plus transfers.Which institution measures and publishes Jamaica's inflation rate? 3 3. The Statistical Institute of Jamaica (STATIN) O b. The Planning Institute of Jamaica (PIO)) 0 6 The Office of the Prime Minister (OPM) O d. The Bank of Jamaica (BOJ)--is calculated by valuing outputs of different years at common prices. O a. potential GDP. O b. real GDP. actual GDP. Od. nominal GDP.A type of unemployment in which workers are in-between jobs or are searching for new and better jobs is called unemployment O a. Cyclical O b. Turnover O & Frictional O d. StructuralGovernment spending is an injection into the "circular flow" in the sense that it: O a. increases the amount of total spending. 3b. decreases the amount of household spending. 0 6 decreases the amount of taxes paid. O d. Increases the size of the national deficit.One of the many limitations of GDP is that it is (0 a. must be produced in a geographical location O b. not a true measure of the nation's economic well-being O a. produced on organized markets O d. calculated using a period, usually a year. O e. calculated using the value of goods and services producedThe period of the business cycle in which real Gross Domestic Product is INCREASING is called the: 0 a Trough O b. Recession O . Expansion O d. PeakJamaica's aggregate demand is influenced by? 3. Global occurrences: Oil, War, Catastrophes (Tsunami, etc.) O b. All of the responses 0 6 Price level O d. Government policiesThe "original" Phillips curve is a relation that captures a trade-off between O a. output and price levels 0 b. output and accelerating unemployment 0 6 inflation and unemployment rates O d. accelerating inflation and unemploymentA macroeconomist would concentrate on which of the following? 3. the profits of National Commercial Bank, b. the market for locally grown Irish potatoes. 0 6 the unemployment rate in Jamaica. O d. the price of new cars.Real GDP is obtained by: O a. Nominal GDP divided by Real Prices. O b. Nominal GDP multiplied by price level. 0 6 Nominal GDP minus GDP deflator. O d. Nominal GDP divided by GDP deflator. O e Nominal GDP divided by CPI