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A graphical representation of the relationship between the total quantity of goods and services demanded and the price level

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Michael Burda of Humboldt University in Germany and Daniel Hamermesh of the University of Texas examined how workers in the United States who lost their jobs between 2003 and 2006 spent their time. They discovered that during the period when they were​ unemployed, the reduction in the number of hours of paid work was almost completely replaced by an increase in the number of hours spent on household production.​Source: Michael Burda and Daniel S.​ Hamermesh, "Unemployment and Household​ Production," National Bureau of Economic Research working paper​ 14676, January 2009.Based on these​ findings, what can we predict about total production—whether or not that production is included in the calculation of GDP—in the economy when these workers became​ unemployed?A.If the workers had been paying other people to perform the household activities prior to​ unemployment, then total production will fall.This is the correct answer.B.When workers lose their​ jobs, total production falls since workers are no longer earning wages.C.If the workers had been paying other people to perform the household activities prior to​ unemployment, then total production will rise.D.Since household production is not calculated in​ GDP, there is a decrease in total production that comes due to unemployment.

According to research by Rafael La Porta of Tuck School of Business at Dartmouth and Andrei Shleifer of Harvard​ University, in developing​ countries, the average firm in the informal​ sector, or underground​ economy, employs 4 workers as opposed to 126 workers employed by the average firm in the formal sector.​Sources: Rafael La Porta and Andrei​ Shleifer, "Informality and​ Development," Journal of Economic Perspectives​, Vol.​ 28, No.​ 3, Summer​ 2014, pp.​ 109-126.What is the informal​ sector, or underground​ economy?A.This is the part of the economy where production is heavily taxed by the government.B.This is the part of the economy characterized by the pollution and other negative externalities its production creates.C.The informal​ sector, or underground​ economy, is when production occurs in other countries.D.The informal sector is the sector of the economy where production is concealed from the government.

Division of IncomeBillionsof dollarsWages$10,870Interest787Rent760Profit3,357Profit of sole proprietors1,579Profit of corporations1,778​Taxes, depreciation and statistical discrepancy4,783The image is a pie chart that shows the division of Gross domestic Product (GDP), measured in terms of income, into its different components: wages, interest, rent, profits of sole proprietors and corporations, and taxes. Wages account for about 54 percent, and taxes account for 23 percent of GDP. Profits of corporations account for 9 percent, and profits of sole proprietors account for 8 percent of GDP. Interest accounts for 4 percent, and rent accounts for 4 percent of GDP.Wages 53%Interest 4%Rent 4%Profits of sole proprietors 8%Profits of corporations 9%Taxes etc 23%The table and figure show GDP measured in terms of the total income received by households. Use the table and figure to help determine which of the following statements about the division of income is false.A.The largest component of income received by households is wages.B.Wages are slightly more than three times as large as the profits received by sole proprietors and the profits received by corporations combined.C.Profits include the profits of sole proprietorships and profits of corporations.D.Gross domestic income is measured precisely.

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