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1、GDPEcon 91.A price ceiling is characterized by A.A price set below the current(or equilibrium)market price of the goodB.A price set above the current market price if the goodC.A shift of the demand curveD.A shift of the supply curve2.For which of the following statements are both the price change an
2、d quantity change determinable(for a particular good)A.Both the supply of and the demand for the good decreaseB.Both the supply of and the demand for the good increaseC.The supply increases and the demand for the good decreaseD.The supply decrases and the demand increasesE.None of the above3.If the
3、government subsidizes the production of halogen headlightsA.The demand curve will shift to the leftB.The demand cirve will shift to the rightC.The supply curve will shift to the leftD.The supply curve will shift to the rightE.The amounts demanded will increase along the demand curve4.If consumers ar
4、e advised that multigrained bread will substantially lessen the risk of cancer,which of the following will happen in the market for multigrained bread?A.The demand curve will shift to the left,decreasing the price of multigrained breadB.The supply curve willl shift to the left,increasing the price o
5、f multigrained breadC.The demand curve will shift to the right,increasing the price of multigrained breadD.The supply curve will shift to the right,decreasing the price og multigrained breadE.None of the aboveDefinitionvGross domestic productGDP is the sum of the money values of all final goods and
6、services produced in the domestic economy and sold on organized markets during a specified period of time,usually a year.Which of following is caculated in Americans GDP of 2012A.A houshold bought a house made in 2011B.Dell buys computer chips from InterlC.An American freshman bought a Honda,which w
7、as assembled in a local factoryD.A farmer living in CA built a house by himselfE.Gambling services in Atlantic cityv(Value)price*quantity-nominal GDPvPrice increases,but outputs dont change-real GDPValuing outputs of different years at common prices.A better measure of change in total productionLimi
8、tation of the GDPEg: Per capital GDP in African $5 a week.How do they survive?v1.GDP is not a measure of the nations economic well-beingvInternational GDP comparisions are vastly misleading when the two countries differ greatly in the fraction of economic acticity that each conducts in organized mar
9、kets.vIlegal economic activityvUnderground economy-cash/barterEg:9-11-2011, American economy better off or worse off?v2.Bads as well as Goods get countedvEg: A country at war is surely worse off,but will this reflected in its GDP?-NO3. Ecological Costs are not Netted out of GDPvGDP can not give us a
10、 ture measure of the net increase in economic welfare that our economy produces.GDP GrowthvEg:GDP measures AD or AS?vGDP=hours of worklabor productivityvPotetial GDPIs the real GDPthat the economy would produce if its labor and other resource were fully employed.The growth rate of potential GDPvThe
11、growth rate of the labor forcevThe growth rate of the nations capital stockvThe rate of technical progressvGrowth rate of potential GDP=Growth rate of labour input+Growth rate of labor productivityEg:?how to increase GDP growthvPopulation growthvIncrease productivityvImprove technologyvAccumulate ca
12、pitalthe goal of economic growthvInadequate growth ofAD-unemploymentvExcessive growth of AD -high inflationvAchieving rapid but relatively smooth economic growth with low unempolyment and low inflation.the goal of low employmentvReal GDP Potential GDPunemploymentv?whats the costvthe costs of unemplo
13、yment distributed unevenlySuffer the least /the most? Married men/teenagersAbove-average rates/below-average rates?Blue-collar/well-educatedCounting the unemployed(BLS)vThe unemployment rate =unemployed total labor force.v?higher employment rate-more job opportunity?The empolyed part time?The unempl
14、oyed seek work during the previous four weeksOut of the labor force discouraged workersTypes of unemploymentEg:?could unemployment rate be zerovFrictional unemploymentMove/seek better positionvStructural unemploymentSkills and experience be unmarktablevCyclical unemploymentProducing at potential GDP
15、-full employment1.Lily loses her job at a shoe factory when the economy falls into a recession.Lily isvA frictionally unemployedvB.cyclically unemployedvC.seasonally unemployedvD.structurally unemployedvE.a discouraged worker2.There is a strong demand for welders in CA but bill,an unemployed welder.
16、lives in New York.Bill isA.Frictional unemployedB.Cyclically unemployedC.Structurally unemployedD.Considered to be a hidden workerE.Not counted in the ranks of the unemployed3.It is unlikely that the unemployment rate will ever fall to zero because ofvA.frictional unemploymentvB.cyclical unemploymentvC.government policiesvD.corporate policesvE.the aged and infirm in our population
