(Technological Change and Unemployment) What are some examples, other than those given in the chapter, of technological change that has caused unemployment? And what are some examples of new technologies that have created jobs? How do you think you might measure the net impact of technological change on overall employment and GDP in the United States?
Chapter 21: Tracking the U.S. Economy
(Income Approach to Gap) How does the income approach to measuring GDP differ from the expenditure approach? Explain the meaning of value added and its importance in the income approach. Consider the following data for the selling price at each stage in the production of a 5-pound bag of flour sold by your local grocer. Calculate the final market value of the flour.
Stage of Production Sale Price
(Expenditure Approach To GDP) Given the flowing annual information about a hypothetical country, answer question a through d.
Billions of Dollars
Personal consumption expenditures $200
Personal taxes 50
Government purchases 50
Gross private domestic investment 40
Government transfer payments 20
a. What is the value of GDP?
b. What is the value of net domestic product?
c. What is the value of net investment?
d. What is the value of net exports?
Chapter 22: Unemployment and inflation
(Type of Unemployment) Determine whether each of the following would be considered frictional, structural, seasonal, or cyclical unemployment:
a. A UPS employee who was hired for the Christmas season is laid off Christmas.
b. A worker is laid off due to reduced aggregate demand in the Economy
c. A worker in a DVD rental stores becomes unemployed as video-on-demand cable service becomes more popular.
d. A new collage graduate is looking for employment.
This question was asked on May 13, 2011.
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