Macroeconomics

Question 1

GDP

Answer 1

is a measure of the market value of all final goods AND services produced within the U.S. during a one-year period. GDP includes only goods that are in their completed form and ready for the end use, whether or not the final product has been sold.

Question 2

Natural Rate of Unemployment

Answer 2

Frictional + Structural + Seasonal Unemployed/Size of Labor Force

Question 3

Frictional Unemployment:

Answer 3

members of the labor force who are not employed because they are in transition

Question 4

Structural Unemployment:

Answer 4

Members of the labor force who are not employed because their prior types of jobs have been greatly reduced or eliminated

Question 5

Seasonal Unemployment:

Answer 5

Members of the labor force who are not employed because their work opportunity regularly and predictably varies by the season of the year

Question 6

US share of worldwide Exports

Answer 6

around 10%