Unit 2: Macroeconomics Review

Front

What is GDP per capita?

Back

The total GDP divided by the nation's population

Front

Which of the following is excluded from the GDP?
Export sales,
Second hand sales,
Consumer Spending,
Government Spending

Back

Second hand sales

Front

What is the difference between Current GDP and Real GDP?

Back

Current GDP is the GDP right now and not adjusted for inflation, while Real GDP is the GDP adjusted for inflation.

Front

What does Gross National Product (GNP) include that GDP does not?

Back

The market value of goods and services produced by labor and property supplied by U.S. residents, including production outside of U.S. borders

Front

How often is the U.S. Census Bureau's population count conducted?

Back

Every 10 years

Front

What could be a consequence of population growth being too slow?

Back

Labor shortages

Front

What does the Dependency Ratio measure?

Back

The number of children/elderly per 100 working age people

Front

Which of the following is NOT a phase of the Business Cycle? Recession, Trough, Bubble, Expansion

Back

Bubble

Front

What is the purpose of the Leading Economic Index?

Back

To forecast changes in real GDP

Front

What is the role of the government according to Unit 2.5: Fiscal and Monetary Policy?

Back

To promote the economic goals of price stability, full employment, and economic growth