GDP counts the _____ of goods and services produced in a country.

• dollar value

• quantity amount

• quality value

Which of the following products would NOT be counted towards GDP?

• A lawn service

• A bag of Doritos

• Steel used in the production of cars

• Concert tickets

Home construction begins November 2019. Construction is completed November 2020. It is sold February 2021. What year will the value of the home be calculated into GDP?

• 2019

• 2020

• 2021

Which of the following statements is false?

• If a good is produced in the United States and sold in the United States, it's included in the U.S. GDP.

• If a good is produced in the United States and sold in another country, it's included in the U.S. GDP.

• If a good is produced in another country, and sold in the United States, it is included in the U.S. GDP.

• If a good is produced in another country, and sold in the United States, it is not included in the U.S. GDP.

A series of increasing and decreasing levels of economic activity is known as

• natural economic behavior.

• Gross Domestic Product.

• real GDP.

• the business cycle.

Which of the following is NOT a phase in the Business Cycle?

• Peak

• Expansion

• Recession

• Boom

Bob gets laid off from work because his job implemented new machines that can do his job more efficiently. This is an example of why type of unemployment?

• Structural

• Cyclical

• Frictional

• Seasonal

Adrienne chose to quit her job so she can spend more time at home with her son. Is Adrienne counted in the unemployment rate?

• Yes

• No

Who is not counted in the labor force?

• Mary, who is in the military.

• Sue, who just got fired for taking too many sick days.

• Joe, who lost his job 6 months ago, but still putting in applications.

• Skipper, who works part-time hours, but would rather work full-time.

The difference between real and nominal GDP is

• real GDP is the actual dollar value of goods and services, nominal GDP is adjusted for inflation.

• nominal GDP is the actual dollar value of goods and services, real GDP is adjusted for inflation.