Macroeconomic Indicators/Business Cycle

Front

What type of GDP is calculated with the current year's prices? Options: Nominal GDP, Real GDP, GDP per capita

Back

Nominal GDP

Front

Expectant parents buy supplies for the nursery. Would this be included in GDP?

Back

Yes - Consumer Spending

Front

Would the trade in exotic animals be included in GDP?

Back

No

Front

The federal government is expected to spend $3.95 trillion this year.  Will this be counted in GDP?

Back

YES

Front

Aly spends $400 on used textbooks at the beginning of the semester in college.  Is this included in the GDP?

Back

NO

Front

The value of the output of all final goods and services produced within a country in a year.

Back

Gross Domestic Product

Front

GDP is calculated by

Back

adding consumption + investment + government spending + (exports sold - imports bought)

Front

period of economic growth as measured by a rise in real GDP

Back

expansion

Front

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.

Back

Cars manufactured in Japan, but sold in the United States

Front

If there are 95 people who have a job and 5 people who do not have a job but are looking for one, what is the unemployment rate?

Back

5%