Question : | Use the figure below to answer the following question:

Refer to the above diagram, which shows demand and supply conditions in the competitive market for product X. If the initial demand and supply curves are D0 and S0, equilibrium price and quantity will be: | | | Student Answer: | | 0F and 0C respectively. | | | | 0G and 0B respectively. | | | | 0F and 0A respectively. | | | | 0E and 0B respectively. | | | | Points Received: | 5 of 5 | | Comments: | | | |

Question 2. | Question : | Which is included in the expenditures approach to GDP? | | | Student Answer: | | Spending on meals by consumers at restaurants | | | | Spending on used clothing by consumers at garage sales | | | | The monetary value of stocks and bonds owned by investors | | | | The monetary value of used trucks purchased by construction companies | | | | Points Received: | 5 of 5 | | Comments: | | | |

Question 3. | Question : | A worker who loses a job at a call center because business firms switch the call center to another country is an example of: | | | Student Answer: | | Frictional unemployment | | | | Structural unemployment | | | | Cyclical unemployment | | | | Disguised unemployment | | | | Points Received: | 5 of 5 | | Comments: | | | |

Question 4. | Question : | In calculating the unemployment rate, "discouraged" workers who are not actively seeking employment are: | | | Student Answer: | | Excluded | | | | Included | | | | Treated the same as part-time workers | | | | Are included in the labor force | | | | Points Received: | 5 of 5 | | Comments: | | | |

Question 5. | Question : | At the point where the demand and supply curves for a