1. Choose ONE (or more) case to answer. Explain your answer.
Which of the following are included in this year’s GDP? Choose ONE case to answer. Explain your answer.
a. Interest on an AT&T corporate bond.
b. Social security payments received by a retired factory worker.
c. The unpaid services of a family member in painting the family home.
d. The income of a dentist.
e. The money received by Smith when she sells her economics textbook to a book buyer.
f. The monthly allowance a college student receives from home.
g. Rent received on a two‑bedroom apartment.
h. The money received by Josh when he resells his current-year-model Honda automobile to Kim.
i. The publication of a college textbook.
j. A 2‑hour decrease in the length of the workweek.
k. The purchase of an AT&T corporate bond.
l. A $2 billion increase in business inventories.
m. The purchase of 100 shares of GM common stock.
n. The purchase of an insurance policy.
2. Choose ONE case to answer. Answer the question: Is this person counted as unemployed?Explain your answer.
1) George Lewis is 16 years old, and he has no job from which he receives any pay or profit. However, George does help with the regular chores around his father’s farm and spends about 20 hours each week doing so.
2) Lisa Fox spends most of her time taking care of her home and children, but she helps in her husband’s computer software store all day Friday and Saturday.
3) Yvonne Bennett reported that 2 weeks ago she applied for a job as a receptionist at the Capitol Travel Agency and the Equity Mortgage Lending Company. She is awaiting the results of her applications.
4) Mrs. Jenkins tells the interviewer that her daughter, Katherine Marie, was thinking about looking for work in the prior 4 weeks but knows of no specific efforts she has made.
5) John Stetson has been checking for openings at a local superstore for each of the past 3 weeks, but his wife reported that last week he had the flu and was unable to work because of it.
6) Marcus Green was laid off from the Hotshot Motor Company when the firm began retooling to produce a new model car. Marcus knows he will be called back to work as soon as the model changeover is completed, and he also knows it is unlikely that he would be able to find a job for the period he is laid off; so, although he is available to work, he is not seeking a job.
7) Joan Howard told the interviewer that she has filed applications with three companies for summer jobs. However, it is only April and she doesn’t wish to start work until at least June 15, because she is attending school.
8) James Kelly and Elyse Martin attend Jefferson High School. James works after school at the North Star Cafe, and Elyse is seeking a part-time job at the same establishment (also after school).
9) Last week, Mary Davis, who was working for Stuart Comics, went to the Coastal Video Shop on her lunch hour to be interviewed for a higher paying job.
10) John Walker has a job at the Nuts and Bolts Company, but he didn’t go to work last week because of a strike at the plant. Last Thursday, he went to the Screw and Washer Factory to see about a temporary job until the strike terminates.
11) Evonne Avery lost her job at the book store on Wednesday of the survey reference week. She answered newspaper want-ads on Thursday and Friday but had not obtained a new job by the end of the week.