GDP INFLATION AND UNEMPLOYMENT QUIZ

What is the formula to discover GDP?

• GDP= C+I+G+(X-M)
• GDP= C-I-G-(X+M)
• C+I+M-(X+G)= GDP

What does the I (Ig) stand for in the GDP formula?

• Income

• Investment or Business Investment

• Internet

What does the G stand for in the GDP formula?

• Governing
• Government
• Goal

What is meant by GDP?

• General Domestic Product
• Gross Domestic Product
• Great Domestic Product

The total labor force is 100,000 out of a possible working age population of 160,000. The total number of unemployed is 8,000. What is the unemployment rate?

• 5 percent.
• 6 percent.
• 7 percent.
• 8 percent.

In 2009, the Canadian economy entered a recession and unemployment rose.  Which one of the following types of unemployment was most likely caused by the recession?

• Cyclical unemployment
• Full unemployment
• Structural unemployment
• Funemployment

Total market value of all final goods and services produced annually in a country is called

• real gross domestic product
• gross domestic product & gross national product
• gross national product
• gross domestic product

Why doesn't GDP count intermediate goods?

• the intermediate value may have different stages
• intermediate value cannot be calculated
• intermediate value is calculated into GNP
• intermediate value is included in the value of the final good

Which type of unemployment occurs as a result of harvest schedules, vacations, or when industries make seasonal shifts in their production schedules?

• Cyclical Unemployment

• Seasonal Unemployment

Which type of Unemployment rises during economic downturns and halls when the economy improves?

• Seasonal Unemployment

• Cyclical Unemployment