Which of the following terms is the sum of the amount of resources used to produce goods and services?

GDP per capita

GDP growth

Expenditure approach

Income approach

Select the statement below that is true of only CPI.

Divided up into crude, intermediate, and finished goods

Published by the Bureau of Labor Statistics

Captures the price variation between consumer goods, with goods held constant

Provides a way to measure inflation

Determine which statement below regarding economic indicators is false.

CPI measures inflation from the perspective of a consumer.

Building permits are an example of leading indicators.

Consumer confidence can be volatile and inconsistent over time.

Retail sales measure the current outlook for the economy.

Naomi has a degree in a field with a great deal of growth at the moment, but she is having a difficult time finding work because she just moved to a new city and does not know anyone yet.

Which kind of unemployment is Naomi experiencing?

Seasonal

Cyclical

Structural

Frictional

Which statement below regarding the circular flow diagramis false?

A household is an initial holder of resources in an economy.

It is a simple model that gives a big-picture view of economic activity.

It is a common misconception that the circular flow diagram and GDP are related.

It depicts the interaction between the three main parties in the economy.

Which of the following is falsewith respect to the use of GDP to compare countries?

GDP cannot measure nonmarket activities.

GDP cannot measure gains to all economic classes.

GDP cannot adequately measure leisure time.

GDP cannot measure consumption-led growth well.

Which statement below regarding expansions is true?

They occur during times of high rates of unemployment.

They happen when GDP reaches its lowest point.

They happen when GDP reaches its highest point.

They occur when the economy is experiencing GDP growth.

With increased participation of women in the workplace, which of the following is likely to be true?

Gender wage gaps are almost completely eliminated.

Most of the countries across theworld meet the new international standard for minimum duration of maternity leave.

Women tend to work fewer hours than men do.

The birth rate drops, which means a higher standard of living for the next generation.

Which of the following is a reason to learn about macroeconomics?

Macroeconomicsallows us to understand the decisions that small business owners make.

Macroeconomicshelps us to predict the prices of individual goods and wages in specific jobs.

Macroeconomics focuses on decisions made at the individual level.

Understanding the reasons for economic policy decisions can make us better citizens.

Which statement below about economics is false?

Microeconomics studies decision-making at the individual level.

Economics is part of the humanities because it studies human decision-making.

Most questions about economics address the central banking system and financial economics.

Macroeconomics studies the application of economics across an economy.

Which of the following is associated with increasing employment of women in living-wage occupations?

The informal sector

Occupational segregation and gender wage gaps

Women working longer hours than men

A higher standard of living for families

Which of the following criteria must be met in order for someone to be classified as unemployed?

They must have given up looking for a job.

They must be unavailable for employment.

They must have made efforts to find work in the last 4 weeks.

They must be over 21 years of age.

Which of the statements below is false?

Sometimes, GDP can shrink quite a bit.

The NBER provides data regarding when recessions start and end.

A recession is a significant decline in economic activity.

A recession cannot usually be seen in GDP.

The price of a gallon of gasoline in California was $0.99 in 1997, and it is currently $3.69.

By what factor have the prices increased?

3.73

.72

.27

-3.73