ECON EO 3

ECON EO 3

9th - 12th Grade

20 Qs

quiz-placeholder

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ECON EO 3

ECON EO 3

Assessment

Quiz

Social Studies

9th - 12th Grade

Hard

Created by

Richard Mintken

Used 101+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

GDP is made of all the following except

Consumption of new goods and services by households

Investment in new capital by businesses

Exports of new final goods and services

Consumption of used goods and services by households

Government expenditures on new goods and services

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Gross Domestic Product measures

the total amount of final goods and services made within a calendar year

the dollar value of all final goods, services and structures produced within a country's borders during a calendar year

the total number of goods and services that were sold within a country in a year

the dollar value of all goods, services and structures purchased within a calendar year

the total dollar value of all goods and services produced anywhere in the world by a country in a calendar year

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Glenn's job at Werner Park as a scoreboard operator gets cut b/c a new automated digital scoreboard was installed. Glenn can't find a new job anywhere as a scoreboard operator b/c all stadiums are using new digital scoreboards. His skills are no longer in demand. What type of unemployment is this?

Not counted towards unemployment

Frictional

Structural

Cyclical

Seasonal

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Mark Zuckerberg decides to resign his job at Facebook and spend more time with his family. What type of unemployment would this be categorized as

Not counted towards unemployment

Frictional

Structural

Cyclical

Seasonal

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Last week a woman went to Marco's Quality Auto in Fremont, NE and bought a 2004 MINI Cooper. What part of GDP would this be categorized as?

Consumption by households

Investment in new capital

Exports of goods and services

Not counted towards GDP

Government purchases

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If unemployment is rising and GDP is negative or falling, what part of the economic cycle is the country most likely in?

Expansion

Recession

Cyclical

Structural

Peak

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A man if fired from his job working at 7-Eleven b/c of a dramatic drop off in sales due to a slowing economy. He is looking for a new job, but so far has not found one. This category of unemployment is called

Not counted towards unemployment

Structural

Frictional

Seasonal

Cyclical

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