Economic Indicators Review
Quiz by Aprile Steel
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21 questions
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- Q1How 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
- Q2Which of the following would not be included in GDP?Automobile purchasedExports to other countriesPurchases of computers by governmentDinner preparation for your family30s
- Q3Who 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
- Q4What two groups of people are most hurt by inflation?People on fixed incomes and savers (on a flexible rate)People with adjustable wages and saversPeople of fixed incomes and lendersPeople with adjustable wages and lenders.30s
- Q5What is a peak?When Real GDP is decreasingWhen Real GDP is increasingWhen Real GDP has stopped growingWhen Real GDP has stopped declining30s