Measuring Economic Activity

The portion of people in the labor force who are not working

• productivity

• unemployment rate

• personal income

• GDP per capita

How much (of a product or service ) someone can make in a given period of time (day, week year)

• Productivity

• Retail Sales

• employment

• unemployment rate

How many many components of GDP are measured?

• 4

• 3

• 5

• 2

Which of the following is NOT a component of GDP?

• Consumer spending

• Business Spending

• Exports less the imports

• Productivity

What is the measure of the total value of all final goods and services produced in a Country?

• GDP

• GDP per capita

• Productivity

• personal income

Alternating periods of expansion and contraction in the economy.

• business cycle
• specialization
• Federal Reserve System
• productivity

What does GDP stand for?

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

We determine a country’s economic growth by using GDP.

• True 
• False

What is Inflation?

• Inflation is a decrease in the general level of prices

• Inflation is an increase in the general level of prices

• Inflation is a number that that compares prices in one year with prices with some earlier base year

What the definition of deflation?

• decrease in the average price of goods and services

• occurs when the price of goods and services rise

• the amount one dollar can buy is reduced