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Unit 3 Mastery Check

Authored by Colin Behnke

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Used 4+ times

Unit 3 Mastery Check
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would be included in the US Gross Domestic Product (GDP)?

Your midnight Taco Bell run of $4.53
A $10 birthday check from your grandmother
Apple buying microchips for the next iPhone
Purchasing 1 share of Tesla stock

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is real GDP different from nominal GDP?

Real GDP is adjusted for inflation
Real GDP is NOT adjusted for inflation
Nominal GDP is the average GDP per person
They are the same thing

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is the MOST accurate measurement of economic growth for a country?

Real GDP per capita
Real GDP
Nominal GDP
Nominal GDP per capita

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do we calculate Real GDP per capita?

Real GDP/Total population
Nominal GDP - Real GDP
Price x Quantity
Real GDP x Total Population

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is the BEST indication of standard of living?

Nominal GDP
Real GDP
Real GDP per capita
Nominal GDP per capita

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Consumer Price Index (CPI) measures:

The percentage change in the price of a basket of goods and services consumed by households
The percentage change in the quantity of goods and services produced in a country
The percentage change in the amount of goods and services produced by firms
The percentage change in the price of a country's exports and imports

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is the best definition of inflation?

An increase in the general level of prices in the economy
A decrease in the general level of prices in the economy
A decrease in the quantity of goods and services produced in the economy
An increase in the quantity of goods and services produced in the economy

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