Answers EAP-Economics and Personal Finance BEconomic Growth

Economic Growth Answers

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Jim lost his job in a car assembly factory to a robot and his skills will no longer be needed. Which terms can be used to describe Jim? Select two options.cyclically unemployeddomestically unemployedfrictionally unemployedstructurally unemployedstill employedunemployed

cyclically unemployed

domestically unemployed

frictionally unemployed

structurally unemployed

still employed

unemployed

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The graph shows data for the years 2010 through 2012.Which might be a better title for this graph?

Total Exports for the United States and China

Trade Between China and the United States

Unemployment in the United States and China

The History of International Trade

The graph shows unemployment rates in the United States in recent years.Which statement is the most accurate explanation of the information on the graph?

Unemployment rates rise and fall in predictable patterns.

Unemployment will never again be as high as it was in 2010.

The United States suffered an economic downturn starting in 2009.

The United States does not have to worry about unemployment.

Sometimes an economy cannot grow because of external factors, such as

lack of skilled labor.

poor infrastructure.

low domestic demand.

low demand for exports.

Economic growth takes place when a country

produces a steady number of automobiles.

has a high unemployment rate.

measures its gross domestic product (GDP).

produces more goods and services.

Economists use gross national product (GNP) to measure

economic output within a nation, regardless of ownership.

the output of foreign-owned businesses within a nation.

the output of a nation’s citizens, regardless of where they are.

any business activity taking place outside a country.

The circle graph shows the GDP in Germany for 2012.Which sector of Germany’s economy had the highest GDP?

agriculture

industry

services

technology

The circle graph shows information about Germany’s labor force in 2011.Which statement most accurately describes Germany’s labor force?

Most Germans are farmers.

Most Germans work in services.

Most Germans work in factories.

Most Germans fish for a living.

Which unemployment rate do most economists consider to be acceptable in the United States?

0 percent

5 percent

10 percent

20 percent

The graph shows changes in GDP in the United States from 2009 to 2011.How did the contribution of the services sector to GDP change between 2009 and 2011?

It rose by less than 1 percent.

It fell significantly.

It rose significantly.

It stayed exactly the same.

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Economic Growth Answers

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