GDP & Labor Markets

Poverty is...

• all goods produced and services provided in a country for one year
• the state of being extremely poor
• when prices go up in a country
• the state of being extremely rich

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

• total ouput
• Gross Domestic Product
• national income
• net domestic product

What is inflation?

• rise in price levels across all goods and services
• the rise of the price of a specific good
• measured by GDP
• a drop in price levels for a short period of time

Which of the following is NOT one of the three ECONOMIC GOALS?

• Unemployment rate of 10%
• Full Employment
• Economic Growth
• Stability

Which of the following is NOT one of the 3 types of unemployment?

• cyclical
•  frictional
• stagflation
• structural

Minimum wage is...

• the highest wage your boss decides to give you
• the lowest wage your boss decides to give you
• the highest wage permitted by law
• the lowest wage permitted by law

A business owned by only one person is called a 

• Corporation
• Sole Proprietorship
• Partnership
• Soley

What is quantity of a good or service that producers sell at a market price?

• supply
• demand
• law of demand
• law of supply

What is the desire to buy a good or service?

• supply
• demand
• law of demand
• law of supply

Understanding economics helps consumers and producers use their resources effectively. 

• True
• False