6. Consider an economy made up of 130 people, 94 of whom hold jobs and 6 of whom

Question

6. Consider an economy made up of 130 people, 94 of whom hold jobs and 6 of whom have no jobs but are actively seeking work. The unemployment rate is: a)4.6% b)6% c)9.4% d)14% e)25% f)none of these 7. Paper in a book is a [pick one:(a)final good, (b)intermediate good (c)Giffen good, (d)inferior good]. 8. The nominal rate of interest equals the real rate of interest [(a)minus,(b)plus (c)divided by] the rate of inflation. 9.. The concept of inventories which is a part of gross private domestic investment is [Pick One: (a)change in business inventories (b)total inventories (C) both (a) and (b) (d)none of the above]. 10. The total market value of all intermediate goods produced in the economy during a one year period and valued at current year prices is called [pick one: (a)nominal gdp (b)real gdp (c)natural gdp (d)none of the above] 11. Total exports is equal to [pick one: (a) net exports plus imports (b)net exports minus imports (c)net exports divided by imports (d)none of these] 12. Nominal gdp equals real gdp [(a)multiplied by, (b)divided by (c)plus] a price index known as the GDP DEFLATOR.

Explanation / Answer

c)9.4%

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