PSU Econ 104 Final Exam |Questions with
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Which of the following is a reason why GDP is not the perfect measure of well-being in
a society?
it does not include the level of income inequality
it does not include the amount of leisure time people have on average
it does not include the level of pollution in society
all of these are reasons why GDP is not a perfect measure of economic well-being
it does not include health measures like life expectancy rates - ✔✔all of these are reasons
why GDP is not a perfect measure of economic well-being
If prices steadily increase year over year, which of the following must be true?
Real GDP will always increase year over year.
Nominal GDP will always increase year over year.
Nominal GDP is higher than real GDP in years before the base year.
Real GDP is higher than nominal GDP in years after the base year.
None of these are correct - ✔✔None of these are correct
If production and prices steadily increase year over year, which of the following must be true?
Nominal GDP is higher than real GDP in years after the base year.
All of these are correct.
,Nominal GDP will always increase year over year.
Real GDP is higher than nominal GDP in years before the base year.
Real GDP will always increase year over year. - ✔✔All of these are correct.
If production steadily increases year over year, which of the following must be true?
None of these are correct
Real GDP will always increase year over year.
Nominal GDP is higher than real GDP in years before the base year.
Nominal GDP will always increase year over year.
Real GDP is higher than nominal GDP in years after the base year. - ✔✔Real GDP will
always increase year over year.
Someone who is working part-time but wants to be working full-time is classified as: -
✔✔Employed
My grandmother is 86 years old and retired 10 years ago. Last month she decided she
was bored and wanted to find a part-time. Nana (what I call my grandmother) put in a
few applications but has yet to hear back. She continues to look for a part-time job. We
would officially count Nana as: - ✔✔unemployed
To be classified as officially unemployed, one must be: - ✔✔both not working and
actively looking for work
, If the unemployment rate is 7% and the labor force is 157,035, what is the total number of
people unemployed? Please round to the nearest whole number. - ✔✔10992
If the unemployment rate is 5.8% and the labor force is 156,269, what is the total number
of people employed? Please round to the nearest whole number. - ✔✔147205
According to your readings, there are many measurement problems when it comes to the
official unemployment rate in the US. One of them causes the measured unemployment rate to
overstate the true extent of joblessness. That problem arises because:
All of the listed answers are correct
the unemployment rate does not include discouraged workers.
the unemployment rate does not include people working part-time when they want to work
full-time.
the BLS does not verify the responses of people included in the survey. - ✔✔the BLS does
not verify the responses of people included in the survey.
Suppose the labor force stays constant, and the working-age population stays constant, but
a greater number of persons who were unemployed become employed. The labor force
participation rate will - ✔✔remain constant
Which of the following is an example of a worker experiencing cyclical unemployment?
a lifeguard who was hired during the summer season is laid off after summer is over
a freightliner employee that got laid off because of the recession of 2007-2009
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