GDP and stuff

Question 1

Definition of GDP

Answer 1

It is the market value of all final goods and services produced in a nation during a period of time usually a year

Question 2

Types of Unemployment

Answer 2

Structural, Cyclical, Frictional

Question 3

Structural unemployment

Answer 3

Employees getting replaced because of skills

Question 4

Frictional Unemployment

Answer 4

Time inbetween jobs, searching for work

Question 5

Cyclical Unemployment

Answer 5

Unemployment due to a recession

Question 6

Non-price factors of Demand

Answer 6

• Resource price
• Taxes and subsides
• Prices of related goods
• Technology
• expectation of future
• number of firms

Question 7

Aggregate Expenditures

Answer 7

Total Spending

Ae= (I+Ca) + MPC(Yd)

Question 8

Consumer Surplus

Answer 8

The difference between the maximum price a consumer is willing to pay for a product and the actual price that they pay

Question 9

Producers surplus

Answer 9

the difference between the actual price a producer receives and the minimum acceptable price that consumers would have to pay the producer to make a particular unit of output available