Practice Final Exam - Macro - Answers at End of DocumentMultiple ChoiceIdentify the choice that best completes the statement or answers the question.____1.A company produces a computer. They pay $100 for the keyboard and outer case, $200 for the internal hardware, and $100 for the software. They sell it to a consumer for $500. The contribution to GDP is:a.$400.b.$500.c.$100.d.$900.e.$800.
____2.Unemployment caused by delays in matching available jobs and workers is called:
____3.The unemployment rate is:
____4.Typically during a recession, the percentage of the total unemployed that are classified under short-term unemployment ____________ and the percentage classified as long-term unemployment ____________.
____5.Which of the following equations represents the labor force?a.(number of unemployed / labor force) 100b.(unemployed employed)c.(number of employed / labor force) 100d.(number of unemployed / relevant population) 100e.(labor force / relevant population) 100
____6.In Bovania, milk constitutes 56% of the typical basket of goods for a typical consumer. Let’s say the price of milk rises by 7% and the prices of all other goods fall by 4%. Based on the information given, we can definitely say: