Measuring Economic Activity

The market value of all final products produced in a country during a specific time period.

• Standard of Living
• Annual Sales
• Product Value
• Gross Domestic Product

The 4 components of GDP are consumer spending, business investment, government spending, and ______.

• Economic Growth
• Net Exports
• Net Imports
• Inflation

Alternating periods of expansion and contraction in the economy.

• business cycle
• specialization
• Federal Reserve System
• productivity

A measure of a worker's production in a specific amount of time.

• business cycle
• specialization
• Federal Reserve System
• productivity

What does Per Capita Mean?

• Per Household
• Per Object
• Per Worker
• Per Person

Which of the following is NOT a component of GDP?

• Consumer Spending
• Investment
• Spending
• Net Exports

What does GDP stand for?

• Glad Dad paid
• Gross Domestic Product
• Guilty Dog Peter
• Doesn't stand for anything

What type of economy is the USA?

• Market
• Command
• Mixed

What type of economy is North Korea?

• Command
• Mixed
• Market

When calculating GDP, which of the following is subtracted?

• government spending
• export spending
• import spending
• investment by business