Reeves - SGP Economics Topic 7a

Reeves - SGP Economics Topic 7a

12th Grade

20 Qs

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Reeves - SGP Economics Topic 7a

Reeves - SGP Economics Topic 7a

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Other

12th Grade

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Created by

Joseph Reeves

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is NOT included in Gross Domestic Product (GDP) as a measure of the economy?

Final goods and services
Work done at home such as house renovations
Dollars
Government spending

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which best describes GDP?

Monetary value of all final goods and services produced within a country’s borders in a year
Personal income and expenses each day
It is a cycle of things and stuff
Products shipped from one country to another for purchase

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes the phases of expansion and contraction in an economy over time?

Recessions
Business cycles
Output yo-yos
Total product oscillations

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The phase of a business cycle in which real GDP reaches the lowest level is the.

Recession
Depression
Recovery
Trough

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do we measure economic growth?

Increases in the price level, as indicated by the GDP chain price index
Increases in fictional GDP
Increases in real GDP
Increases in the labor force

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What type of GDP is calculated with the current year's prices?

Nominal GDP
Real GDP
GDP per capita

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Yes - Consumer Spending
Yes - Investment 
No - Intermediate goods
No - Non-market activity

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