Macro SSEMA 1 GDP

When GDP is adjusted for changes in the cost of living, so more accurate year to year price comparisons can made, it is referred to as:

• Aggregate Supply

• Nominal GDP

• Aggregate Demand

• Real GDP

The formula for GDP is

• C+X+G+(Y-M)

• C-I-G-(XN)

• C+I+G+(X-M)

• I+G-Xn-(X-I)

When the economy is working properly, what is the natural (full employment) unemployment rate?

• 0 to 3 percent

• 4 to 6 percent

• 8 to 10 percent

• 10 - 12 percent

What is GDP per capita?

• GDP divided by the value of capital inputs

• GDP divided by the population

• GDP divided by the number of workers

• GDP divided by the number of weeks in the year

Which of the following will increase economic growth

• An increase in unemployment

• An increase in incomes

• An ageing population

• Investment in technology

Unemployment occurs when

• Someone wants a job but can't find work

• Someone is able and willing to work but can't find a job

• Someone is able to work but does not have employment

• Work provided is not sufficient to meet the needs of workers

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

• Nominal GDP

• Real GDP

• GDP per capita

The study of the economy as a whole and how major sectors of the economy interact.

• Incentives

• Inflation

• Unemployed

• Macroeconomics

All final goods and services that make up GDP can be expressed in the form:

• GDP = C + I - G + (X + M).

• GDP = C + I + G + (X + M).

• GDP = C + I + G + (X - M).

• GDP = C + I + (X - M).

A good way to measure standard of living is by calculating

• the economic growth rate

• the inflation rate

• the unemployment rate

• per capita GDP