All of the following, except one, lead to the official GDP figures being understated. Which is the exception? llegal activities of a productive nature. The existence of an underground economy. A lowering of the GST rate. The work of a homemaker. A homeowner remodelling his basement. All of the following would be considered in the working age population except: OA 34 year old stay-at-home dad OA 75 year old retired person. OA 12 year old who delivers fliers. A 22 year old full-time college student. Which of the following would be considered cyclically unemployed? A person who has received a small inheritance and is traveling for 6 months before returning to school. A recent commerce graduate seeking her first job. A steelworker who was laid off a year ago and now has given up looking for a job. A pulp-mill worker is laid off because the mill's inventories are at an all-time high.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question

5

All of the following, except one, lead to the official GDP figures being understated.
Which is the exception?
llegal activities of a productive nature.
The existence of an underground economy.
A lowering of the GST rate.
The work of a homemaker.
A homeowner remodelling his basement.
All of the following would be considered in the working age population except:
A 34 year old stay-at -home dad
A 75 year old retired person.
A 12 year old who delivers fliers.
A 22 year old full-time college student.
Which of the following would be considered cyclically unemployed?
OA person who has received a small inheritance and is traveling for 6 months
before returning to school.
A recent commerce graduate seeking her first job.
A steelworker who was laid off a year ago and now has given up looking for a
job.
A pulp-mill worker is laid off because the mill's inventories are at an all-time
high.
Transcribed Image Text:All of the following, except one, lead to the official GDP figures being understated. Which is the exception? llegal activities of a productive nature. The existence of an underground economy. A lowering of the GST rate. The work of a homemaker. A homeowner remodelling his basement. All of the following would be considered in the working age population except: A 34 year old stay-at -home dad A 75 year old retired person. A 12 year old who delivers fliers. A 22 year old full-time college student. Which of the following would be considered cyclically unemployed? OA person who has received a small inheritance and is traveling for 6 months before returning to school. A recent commerce graduate seeking her first job. A steelworker who was laid off a year ago and now has given up looking for a job. A pulp-mill worker is laid off because the mill's inventories are at an all-time high.
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Nash Equilibrium
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education