Chapter 21 – question 9, page 479 (GDP and Depreciation) what is gross about gro

Question

Chapter 21 – question 9, page 479

(GDP and Depreciation) what is gross about gross domestic product? Could an economy enjoy a constant-or growing-GDP while not replacing worn-out capital?

Chapter 22 – question 1, page 507

(Labor Force) Refer to Exhibit 1 in the chapter to determine whether each of the following statements is true or false.
a. Some people who are officially unemployed are not in the labor force.
b. Some people in the labor force are not working.
c. Everyone who is not unemployed is in the labor force.
d. Some people who are not working are not unemployed

Explanation / Answer

GDP does not take depreciation of existing capital stock into account. No, you have to replace worn out capital. a) F (the labor force is defined as employed plus unemployed) b) T (unemployed) c) F if they are not looking for work they are not considered in the labor force. d) T if they are not looking for work.

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