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Exam 2 Study Guide Eco 2013 2025
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👉 Answer: To measure the economic performance of a country. 💡 Think of GDP like a report card for a country’s economy—how much stuff it makes and how well it's doing.
👉 Answer: They are the main problems that arise from business cycles. 💡 Memory tip: “Boom and Bust = Job Dust and Price Rush” (When the economy goes up and down, jobs and prices get messy.)
👉 Answer: Needing to be looking for a job. 💡 If you’re jobless but not looking, you're not “unemployed” in economics. You gotta be actively searching.
👉 Answer: Not utilizing the skills and talent of its most important factor of production. 💡 People are the MVPs of production—unemployment = talent wasted.
👉 Answer: People who are either employed or unemployed (but actively looking). 💡 Labor force = working + looking. Not just adults, not just jobs, but people involved in the game.
👉 Answer: Employed people and unemployed people (those looking for a job). 💡 Think: "On the job or on the hunt."
👉 Answer: Market activities, composition of GDP, etc. 💡 If money changed hands in the market, it’s probably in GDP.
👉 Answer: Leisure, non-market activities, underground economy. 💡 GDP doesn't count side hustles under the table, chores, or chill time.
👉 Answer: Under 16 years and institutionalized (e.g., prison, military, hospitals). 💡 Too young or locked in = not in.
👉 Answer: UR = Unemployed / Labor Force 💡 Remember: It's not about the total population—just those in the game.
👉 Answer: Collects and reports data on employment, unemployment, etc. 💡 BLS = The scorekeeper for America’s job game.
👉 Answer: 4 (Frictional, Structural, Cyclical, Seasonal – but this quiz focuses on 3)
👉 Answer: Expenditure Approach, Income Approach 💡 Spending vs. Earning – two ways to count the same dollar.
👉 Answer: GDP = C + Ig + G + Xn (Consumer + Business Investment + Government + Net Exports)
👉 Answer: Total income from producing final goods/services 💡 Follow the money from business profits, wages, rents, etc.
👉 Answer: National Income + Sales Taxes + Depreciation + Net Foreign Factor Income
👉 Answer: They’re the end product. 💡 Only count the pizza, not the flour, cheese, and sauce separately.
👉 Answer: They aren’t payments for goods/services. 💡 Money moving around ≠ production happening.
👉 Answer: True 💡 GNP includes income from citizens abroad. GDP doesn’t.
👉 Answer: Inflation without food and energy prices. 💡 Strips out price “noise” to show the real trend.
👉 Answer: They're volatile (change a lot). 💡 Gas and groceries are drama queens—too unpredictable.
👉 Answer: True 💡 It’s like checking your weight without the water weight. More reliable.