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What does nonfarm payroll employment count?
Correct answer(s):
- Jobs reported on nonfarm employers' payrolls
How should a monthly employment estimate be reported?
Correct answer(s):
- With its month and whether preliminary or revised
What does a five-year ACS income estimate use?
Correct answer(s):
- Survey data pooled across multiple years
What is the median household income?
Correct answer(s):
- The middle value when households are ordered by income
What median household income did Census QuickFacts report for New Jersey in 2020-2024, in 2024 dollars?
Correct answer(s):
- $103,556
What does New Jersey’s GDP per capita not directly reveal?
Correct answer(s):
- Typical resident take-home income
Approximately what was New Jersey’s GDP per resident using revised 2025 GDP and July 2025 population?
Correct answer(s):
- $93,000
How is state GDP per capita calculated?
Correct answer(s):
- Total state GDP divided by a defined population
Why can nominal GDP and real GDP grow at different rates?
Correct answer(s):
- Prices and measurement adjustments affect the comparison
Approximately how much did New Jersey’s revised real GDP grow from 2024 to 2025?
Correct answer(s):
- 2.0 percent
What was New Jersey’s revised 2024 real GDP in chained 2017 dollars?
Correct answer(s):
- About $675.2 billion
What was New Jersey’s revised 2025 real GDP in chained 2017 dollars?
Correct answer(s):
- About $688.8 billion
How much did New Jersey’s revised nominal GDP grow from 2024 to 2025?
Correct answer(s):
- About 4.9 percent
Which amount approximated New Jersey’s revised 2023 nominal GDP?
Correct answer(s):
- $797.9 billion
What was New Jersey’s revised calendar-year nominal GDP in 2024?
Correct answer(s):
- About $846.6 billion
About how much was New Jersey’s revised current-dollar GDP for calendar 2025?
Correct answer(s):
- $887.8 billion
What distinguishes an annual GDP total from quarterly GDP reported at an annual rate?
Correct answer(s):
- They cover different reporting periods and annualization methods
Why do economists use real GDP when studying New Jersey’s economic growth?
Correct answer(s):
- It adjusts for price changes to track production volume
How is current-dollar GDP valued?
Correct answer(s):
- At prices prevailing during the reference year
In state economic accounts, what does GDP primarily measure?
Correct answer(s):
- Value added by production within the state during a period