Unit 5 Test Review

The total value of all final goods and services produced in a country in a given year.

• Gross Domestic Product

• Consumer Price Index

• Inflation

• Unemployment

What is the equation of GDP?

• C + I + (X+N)

• C + I + G

• C + I + G + (X-N)

• C + G + U + (X+N)

In the GDP equation, what does the 'C' stand for?

• Consumer spending

• Consumer income

• Convoy

• Consumer health

In the GDP equation, what does the 'I' stand for?

• Intelligent spending

• Investor spending

• Incredible spending

• Investment spending

In the GDP equation, what does the 'G' stand for?

• Government taxes

• Government spending

• Government budget

• Good Government

In the GDP equation, what does the 'X' stand for?

• Extra Spending

• Excellent

• Exports

• Extra Cool

In the GDP equation, what does the 'M' stand for?

• Imports

• Machines and Capital

• Mal

• Mixed economy

What are Net Exports?

• Imports - Exports (M - X)

• Exports + Imports (X + M)

• Exports - Imports (X - M)

• Exports + CPI (X + CPI)

A price index determined by measuring the price of a standard group of goods meant to represent the market basket of a typical urban consumer.

• Gross Domestic Product

• Consumer Price Index

• Unemployment

• Inflation

A general increase in prices across an economy.

• Gross Domestic Product

• Consumer Price Index

• Unemployment

• Inflation