Question

The GDP is an inaccurate measure of wellbeing because:

		It ignores the black-market
		"It places no value on activites takes place outside of the marketplace, like giing to the park with the kids"
		Envirnmental degradation is not accounted for
		All of the above

Which of the following items is counted toward US GDP

		Computer software written in Seattle and sold in India
		Stock sold in the US stockmarket by a US company to a US buyer.
		Taxes collected by the US government.
		The sale of a used car by a North Little Rock used car dealer.

A used textbook buyer who has been laid off because students can sell used textbooks online is an example of

		Frictional unemployment
		Structural unemployment
		Cyclical unemployment
		None of the above

Full employment means

		Everyone who wants a job has one
		Everyone has a job regardless of whether they want one
		"The only unemployed workers are the seasonal, frictional, and structurally unemployed"
		Everyone in the labor force has a job

Answer 1

The GDP is inaccurate measure of well being because it doesn't count for externalities, hardships, black money, illegal transactions, distribution of income and so on. so the answer would be

All of the above

The GDP the market value of all new goods and services produced in the domestic territory of a country in a year. So the answer would be

Computer software written in Seattle and sold in India

The ans would be none of the above because

Frictional unemployment- When a person is out of one job and is searching for another job. During this transition time, he’s deemed frictionally unemployed

Structural unemployment- Lack of jobs when person’s skill/qualification is insufficient for the jobs available in the market e.g. An IT Graduate knows C++ but demand is for Python/JAVA computer language experts

Cyclical unemployment- Economy goes through boom-bust cycles. This unemployment mainly occurs during bust / recession / depression when workers are laid off on mass scale

Full employment means everyone who wants a job has one.