Unit 6 Test Review

Front

The following are macroeconomics objectives, EXCEPT ___: price stability, full employment, high economic growth.

Back

unjust distribution of income

Front

The Consumer Price Index is used to help measure the amount of ____ in the U.S. to better help achieve the goal of ______.

Back

inflation, price stability

Front

The most common number used to measure economic growth is

Back

Gross Domestic Product

Front

Which of the following is included in US gross domestic product (GDP)? Mazda cars built at the factory in Austin, Texas; Honda motorcycles built at the factory in Tokyo, Japan; Fiberglass used by Ford to build cars; Tomatoes from your garden that you put in a salad.

Back

Mazda cars built at the factory in Austin, Texas

Front

Which of the following is an example of an intermediate good? a new washing machine, a used bicycle, tomato sauce used at a restaurant, cheeseburger

Back

tomato sauce used at a restaurant

Front

Business spending on physical capital, new homes, and inventories is counted in which component of GDP?

Back

investment

Front

John went to Sports Clips and purchased a haircut. Where would this show up in the GDP formula?

Back

Consumption

Front

Costco builds a new store in Menomonee Falls, Wisconsin. Where would this show up in the GDP formula?

Back

Investment

Front

Would Grandpa Smith's Social Security check from the government be included or not included in GDP?

Back

Not included

Front

GDP that is adjusted for inflation

Back

real GDP