Unit 5 -Economic Indicators Test Review
Quiz by Derrick Allen
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20 questions
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- Q1Macroeconomics approaches the study of economics from the viewpoint ofthe individual firmsthe entire economygovernmental unitsthe operation of specific product and resource markets60s
- Q2Which of the following is associated with macroeconomics?a case study of pricing and production in the textbook industrya study of the trend of pecan prices since the Second World Waran examination of the incomes of Harvard Business School graduatesan empirical investigation of the general price level and unemployment rates since 199060s
- Q3Nominal GDP isthe sum of all monetary transactions that occur in the economy in a yearthe amount of production that occurs when the economy is operating at full employmentthe sum of all monetary transactions involving final goods and services that occur in the economy in a yearmoney GDP adjusted for inflation60s
- Q4Real GDP refers tothe nominal value of all goods and services produced in the economyGDP data that reflect changes in both physical output and the price levelthe nominal value of all goods and services produced in the domestic economy corrected for inflation or deflationalways greater than nominal GDP60s
- Q5A price index isthe cost of a market basket of goods and services in a base period divided by the cost of the same market basket in another perioda comparison of the price of a market basket from a fixed point of referencea comparison of real GDP in one period relative to anothera ratio of real GDP to nominal GDP60s
- Q6The phase of the business cycle in which Real GDP declines is calleda recessionthe trougha recoverythe peak60s
- Q7The phase of the business cycle in which Real GDP is at a minimum is calleda recoverythe trougha recessionthe peak60s
- Q8Coach Allen voluntarily quit his job as an insurance agent to return to school full-time to earn an MBA degree. With degree in hand, Coach Allen is now searching for a position in management. Coach Allen presently isfrictionally unemployednot a member of the labor forcestructurally unemployedcyclically unemployed60s
- Q9To be officially unemployed, a person mustbe in the labor forcehave just lost a jobbe waiting to be called back from a layoffbe 21 years of age60s
- Q10The labor force includesfull-time workers, but excludes part-time workersemployed workers, but excludes persons who are officially unemployedemployed workers and persons who are officially unemployedpermanent employees, but excludes temporary employees60s
- Q11GDP =C + I + G + (X + M)C + I + G + (M - X)C + I + G + (X - M)C + I + G + (M + X)60s
- Q12In order to avoid _________, when calculating GDP, one should only include the final goods and exclude the intermediate goods that are used in the production process.inflationvalue-addeddouble countingstatistical bias60s
- Q13Which of the following is GDP at current prices?Inflationary GDPReal GDPNominal GDPValue-added GDP60s
- Q14The labor force consists of all persons16 years of age and older who are working or actively seeking work21 years of age and older who are working16 years of age and older21 years of age or older60s
- Q15People who are not working will be counted as employed if they areall of these choicesabsent from their job because of a labor disputeon vacationabsent from their job because of bad weather60s