Which of the following is NOT included when calculating GDP for the United States?

Cars manufactured in Japan, but sold in the United States.

Cars manufactured in the United States, but sold in Japan.

Cars manufactured in Michigan, but sold in Minnesota

Cars manufactured in Michigan, but sold to the government.

In order to accurately compare GDP between different years, what must be removed from GDP?

Changes in price caused by inflation

Which of the following statements about nominal GDP and real GDP is true?

Nominal GDP and real GDP are always the same in whichever base year has been chosen for calculation.

Nominal GDP is always a larger number than real GDP

Nominal GDP and real GDP may have different levels, but they are always increasing.

Nomial GDP is a more useful measurement when comparing levels of GDP over time

All of the following people are considered employed EXCEPT

Harold, who began his job three weeks ago on his 15th birthday.

Jen, who has been home sick for the last two weeks.

Peter, who only worked at his job 3 hours last week.

John, who has been on vacation from his job for one week.

All of the following people are considered unemployed EXCEPT

Ryan, who currently serves in the military.

Molly, who has filled out 3 applications this week.

Kyle, who only worked for 30 minutes last week.

Brittany, who was recently fired from her job.

One of the problems with unemployment rate is that it

does not reflect workers who have given up searching for a job.

counts underemployed workers as unemployed workers.

does not count any workers above the age of 55.

If an economy is at full employment, it has an unemployment rate that is called the

frictionally-adjusted unemployment rate.

cyclically-adjusted unemployment rate.

potential rate of unemployment.

When the unemployment rate is relatively high,

the growth in real GDP is high.

inflation is also relatively high.

the amount of physical capital has decreased.

The Consumer Price Index (CPI)

uses a representative market basket to calculate current price levels in an economy.

consists of items a typical 18-year old might buy for himself or herself.

is equal to 200 in whichever year is considered the base year.

only increases in times of economic depression.

The difference between demand-pull inflation and cost-push inflation is that

demand-pull inflation is caused by a rise in aggregate demand and cost-push inflation is caused by a drop in aggregate supply.

demand-pull inflation is caused by a drop in aggregate demand and cost-push inflation is caused by a rise in aggregate supply.

demand-pull inflation is caused by a drop in aggregate supply and cost-push inflation is caused by a rise in aggregate demand.

demand-pull inflation is caused by a rise in aggregate supply and cost-push-inflation is caused by a drop in aggregate demand

If a government decides to pay its debts by printing more money, the economy will likely encounter

excessive rates of inflation, which may lead to hyperinflation.

dramatic increases in inflation rates.

high rates of inflation but very low rates of unemployment.

The short-run Phillips curve

demonstrates an inverse relationship between the inflation rate and the unemployment rate.

demonstrates the relationship between inflation and real GDP.

demonstrates the same relationship between inflation and unemployment in the short run as in the long run.

Most policy makers try to achieve an inflation rate of around 2%-3% because

it is high enough to avoid the problems of deflation, but low enough to avoid most problems associated with inflation.

both lenders and borrowers have come to expect these levels of inflation.

this ensures the economy will run at full employment.

it is ideal to have expected inflation equal unexpected inflation.

The most important way that a country can achieve long run economic growth is to

increase its worker productivity.

increase the amount of goods and services it sells to other countries.

have a steadily increasing population.

eliminate both recessions and economic expansions.

Human capital refers to

the training, knowledge, education, and expertise of a worker.

the infrastructure and machinery used to create a good or service.

the money businesses spend on machinery and finances.

the sophistication of the tools used in production.

As a business adds more physical capital to its production process,

each additional dollar spent will add less and less to worker productivity.

worker productivity will eventually begin to decline.

it becomes less likely that they will create a desirable product.

worker productivity with increase by 1% for each additional 1% in physical capital.

Increases in technology will

shift the productivity graph up, meaning each worker is more productive.

shift the productivity graph down, meaning each worker is less productive.

shift the productivity graph down, meaning each worker is more productive.

shift the productivity graph up, meaning each worker is less productive.

If a country desires long run growth, it must possess each of the following EXCEPT

small amounts of government intervention.

Increases in a country's real GDP per capita usually mean

its standard of living has increased.

its levels of poverty have increased.

the country has a high standard of living.

the country has low levels of poverty.

Economic Indicators

9th - 12th Grade

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38 Qs

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Economic Indicators

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Practice Problem

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Hard

Used 180+ times

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38 questions

Show all answers

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The business cycle describes the fact that

unemployment levels are constantly changing

an economy's level of output fluctuates between times of recession and expansion.

inflation rates are constantly changing.

politicians usually pass laws that cause the economy to react in unpredictable ways.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In the long run, the economy of the United States has

steadily grown over time.

steadily declined over time.

behaved in ways that cannot be explained by modern macroeconomists.

experienced drastic fluctuations, but it is back to its old levels now.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The general relationship between GDP and unemployment can be described as

direct; meaning that an increase in one variable usually signals an increase in the other variable.

direct; meaning that an increase in one variable usually signals no change in the other variable.

inverse; meaning that a decrease in one variable usually signals a decrease in the other variable

d) inverse; meaning that an increase in one variable usually signals a decrease in the other variable.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

During recessions all of the following usually happen EXCEPT

GDP decreases.

unemployment increases.

inflation increases.

inflation decreases.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When the economy experiences an expansion, it is most likely the case that

GDP is increasing, unemployment is increasing, and inflation is decreasing.

GDP is increasing, unemployment is decreasing, and inflation is increasing.

GDP is decreasing, unemployment is decreasing, and inflation is increasing.

GDP is decreasing, unemployment is decreasing, and inflation is decreasing.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

It is important to control the strength of expansions because

long run growth is not desirable.

it will help prevent recessions from happening.

it is important to keep unemployment from getting too high.

it is important to keep inflation from getting too high.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

GDP is an important economic measurement because it

provides valuable data on unemployment rates

measures the combined total of all intermediate and final goods produced.

measures all final goods and services produced by a country.

includes all economic activity, including financial transactions and purchases of used goods

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