Production, Markets, and Trade — Quiz Answers

A country has a total population of 10 million. Of these, 6 million are part of the labor force, but only 5 million are currently employed. Which explains how to calculate the unemployment rate?

In a city of 100,000 people, 65,000 are in the labor force and 5,000 are unemployed. What is the unemployment rate?

In a small country, wages earned by workers amount to $500 billion. Profits from businesses amount to $200 billion. What other data should one investigate to calculate the country's GDP using the income approach?

A student knows that a country's households spent $400 billion last year on goods and services such as food, clothing, and health care. To calculate the country's GDP using the expenditure approach, what other data should the student investigate?

What is subtracted when calculating GDP using the expenditure approach?

A country reports the following data for a given year. Household consumption: $500 billion Business investments: $200 billion Government spending: $300 billion Exports: $150 billion Imports: $100 billion How can you calculate the GDP using the expenditure approach?

A student knows that a country's households spent $400 billion on goods and services, its businesses invested $150 billion, and the government spent $250 billion on public services. The country exported $50 billion in goods and imported $100 billion in goods. Choose the correct answer from the drop-down menu to complete the statement.

A country has $700 billion in imports and $500 billion in exports. What is its trade deficit?

A country exports $200 billion worth of goods and imports $300 billion worth of goods over a year. How can the country's trade deficit be calculated?

A country reports the following data for a given year. Household consumption: $200 billion Business investments: $50 billion Government spending: $100 billion Exports: $30 billion Imports: $20 billion What is the country's GDP?