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Economic Indicators Review

Quiz by Aprile Steel

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21 questions
Show answers
  • Q1
    How do real GDP and nominal GDP differ?
    Nominal GDP includes the dollar value of services, while real GDP only includes the dollar value of tangible products.
    Nominal GDP removes the effect of price levels on real GDP.
    Real GDP includes the dollar value of services, while nominal GDP only includes the dollar value of tangible products.
    Real GDP removes the effect of price levels on nominal GDP.
    30s
  • Q2
    Which of the following would not be included in GDP?
    Automobile purchased
    Exports to other countries
    Purchases of computers by government
    Dinner preparation for your family
    30s
  • Q3
    Who is included in the civilian labor force?
    Everyone 18 to 65 that is working or looking for work.
    Everyone 16 or older that is working or looking for work.
    Everyone 18 or older that is working or looking for work.
    Everyone 16 to 65 that is working or looking for work.
    30s
  • Q4
    What two groups of people are most hurt by inflation?
    People on fixed incomes and savers (on a flexible rate)
    People with adjustable wages and savers
    People of fixed incomes and lenders
    People with adjustable wages and lenders.
    30s
  • Q5
    What is a peak?
    When Real GDP is decreasing
    When Real GDP is increasing
    When Real GDP has stopped growing
    When Real GDP has stopped declining
    30s
  • Q6
    Employment is increasing, Consumer Confidence is increasing, and Inflation is starting to increase.
    Peak
    Expansion
    Contraction
    Trough
    30s
  • Q7
    What is the output-expenditure module?
    GDP= C+I+G-(X+M)
    GDP= C+I+G+(X+M)
    GDP= C+I+G+(X-M)
    GDP=C-I-G-(X+M)
    30s
  • Q8
    The measure of total supply by ALL producers in an economy.
    Aggregate Demand
    Real GDP
    Aggregate Supply
    Productivity
    30s
  • Q9
    Spending on luxery items at all time high, Aggregate Demand at all time high, and Unemployment at all time low.
    Expansion
    Trough
    Contraction
    Peak
    30s
  • Q10
    Sally was laid off as a cashier at Wal-Mart due to the company's decision to install 25 new self-checkouts.
    Structural Unemployment
    Frictional Unemployment
    Seasonal Unemployment
    Cylical Unemployment
    30s
  • Q11
    Brandon has decided to quit his job as a mechanic and move to New York to be a taxi driver.
    Frictional Unemployment
    Structural Unemployment
    Seasonal Unemployment
    Cycical Unemployment
    30s
  • Q12
    All of the following would be included in the Unemployment rate EXCEPT
    Military
    People looking for a job
    Underemployed workers
    Part-time workers
    30s
  • Q13
    Jill buys a new sofa for her living room? What sector of the economy would this transaction take place?
    Investment Sector
    Consumer Sector
    Foreign Sector
    Government Sector
    30s
  • Q14
    Which of the following would be included when calculating GDP?
    Imports
    Secondhand Goods
    Exports
    Intermediate Goods
    30s
  • Q15
    Consumer Price Index measures
    Unemployment
    Economic Growth
    Productivity
    Inflation
    30s

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