Week 5 Quizzes ECO/GM 561 Your Results for: "Readiness Assessment Quiz"Print this page Site Title:Economics UOP custom CW Book Title:UOP-custom course for Economics Book Author:Case Summary of Results 100% Correct of 7 Scored items: 7 Correct: 100% 0 Incorrect: 0% More information about scoring GDP includes all transactions in which money or goods change hands. Your Answer:False GDP is equal to the value of total sales in an economy. Your Answer:False I bought a record last year. I don't like it any more and am going to sell it to my cousin for $2. This sale should be included in GDP. Your Answer:False Consumption, investment, government purchases, and net exports are the four components of total expenditures. Your Answer:True Households have all of their personal income to spend or save. Your Answer:False When economists calculate nominal GDP it means they are calculating GDP only approximately. Your Answer:False Per capital GDP is a country's GDP divided by its population. Your Answer:True Your Results for: "Readiness Assessment Quiz" Title:Economics UOP custom CW Book Title:UOP-custom course for Economics Summary of Results 100% Correct of 8 Scored items: 8 Correct: 100% 0 Incorrect: 0% More information about scoring The twin evils of macroeconomics are unemployment and inflation. Your Answer:True Recessions last six months. Anything longer is called a depression. Your Answer:False To be considered employed a person must be working for pay for at least 20 hours per week. Your Answer:False You need to be 14 years old to be considered part of the labor force. Your Answer:False A discouraged worker is not actually working. Your Answer:True People typically are unemployed for at least six months. Your Answer:False Recessions have a good side to them because they help reduce inflation. Your Answer:True The consumer price index is based on a bundle of goods and services purchased yearly by the typical urban consumer. Your Answer:False