Week 5: EPF Vocab

Front

Which of the following is NOT one of the economic goals of the US government? Promote growth, Maintain full employment, Decrease price levels, Promote price stability

Back

Decrease price levels

Front

The macroeconomic indicator that measures the total value of goods produced and services provided in a country during one year is known as...

Back

Gross domestic product

Front

Which of the following is NOT included in GDP calculation?
consumption of used goods,
consumption of new goods,
investment,
government spending

Back

consumption of used goods

Front

The _______ _______ is the percentage of the workforce that cannot find a job.

Back

Unemployment rate

Front

Why is full-employment not 0% unemployment?

Back

0% unemployment is impossible

Front

In a healthy mixed-market economy, what should happen to the consumer price index over time?

Back

CPI should rise at a slow and steady rate

Front

Which nation has the highest GDP in 2021? Options: United Kingdom, Russia, China, The United States

Back

The United States

Front

What does inflation usually indicate about the economy? Options: Trough, Contraction, Expansion, Recession

Back

Expansion

Front

Which of the following categories is the largest expenditure in the US federal budget? Interest on the Debt, Social Security, Defense, Healthcare

Back

Healthcare

Front

What is the largest source of tax revenue for the U.S. government?

Back

Individual Income taxes