ECON 102 QUESTIONS AND ANSWERS LATEST UPDATED
VERSION, GRADED A+.
problems missed on CH5 homework
true or false: goods and services are exchanged in factor markets
false; factor markets are the resources firms use to produce their products(capital, land,buildings, and
labor) the goods are actually exchanged in product markets
what are some examples of government spending in GDp
educational services and defense;
are educational services included in gdp
yes because those generate taxes and income(teacher salaries)
when does a trade surplus occur
when our exports are greater than imports
what are some examples of durable and non-durable goods and which depreciates faster
food and clothing depreciate faster than tbs, appliances, and services
largest sector of national income and what does income consist of
wage and employee expenditures
also includes rent, corporate profits, and interest income
what's the difference between gnp and net national product
depreciation is subtracted from gnp
recession is determined when real gdp falls for how many consecutive quarter
2(6months)
PROBLEMS MISSED ON CHAP 6 HW
what does the labor force consist of
the employed + unemployed
-those not actively looking for work are not in the labor force
what does the labor force participation rate show
the percentage of the population over the age 16 that is in the labor force.
if the government hires new workers but doesn't give them any work to do, how will this affect the
GDP, unemployment rate, and the underlying economic situation
VERSION, GRADED A+.
problems missed on CH5 homework
true or false: goods and services are exchanged in factor markets
false; factor markets are the resources firms use to produce their products(capital, land,buildings, and
labor) the goods are actually exchanged in product markets
what are some examples of government spending in GDp
educational services and defense;
are educational services included in gdp
yes because those generate taxes and income(teacher salaries)
when does a trade surplus occur
when our exports are greater than imports
what are some examples of durable and non-durable goods and which depreciates faster
food and clothing depreciate faster than tbs, appliances, and services
largest sector of national income and what does income consist of
wage and employee expenditures
also includes rent, corporate profits, and interest income
what's the difference between gnp and net national product
depreciation is subtracted from gnp
recession is determined when real gdp falls for how many consecutive quarter
2(6months)
PROBLEMS MISSED ON CHAP 6 HW
what does the labor force consist of
the employed + unemployed
-those not actively looking for work are not in the labor force
what does the labor force participation rate show
the percentage of the population over the age 16 that is in the labor force.
if the government hires new workers but doesn't give them any work to do, how will this affect the
GDP, unemployment rate, and the underlying economic situation
