Economic Indicators

Which of the following is a measure of a country's economic output?

• Gross Domestic Product

• Global Development Program

• Government Domestic Profit

• Global Domestic Profit

What is the abbreviation for Consumer Price Index?

• CPI

• CPA

• CPX

• CPO

What is the primary purpose of the Consumer Price Index (CPI)?

• To measure the inflation rate in the economy

• To determine the average income of consumers

• To track the price changes of a single product over time

• To calculate the Gross Domestic Product (GDP)

Which of the following is not a type of unemployment?

• Frictional unemployment

• Structural unemployment

• Cyclical unemployment

• Artificial unemployment

What is the meaning of structural unemployment?

• Unemployment caused by changes in the economy that result in certain skills being no longer in demand.

• Unemployment due to temporary transitions between jobs.

• Unemployment caused by seasonal changes in employment.

• Unemployment resulting from economic downturns.

What is the definition of inflation?

• The rate at which the general level of prices for goods and services is falling

• The rate at which the general level of prices for goods and services is rising

• The rate at which the general level of prices for goods and services is unpredictable

• The rate at which the general level of prices for goods and services is stable

What is the business cycle?

• The business cycle is the fluctuation in economic activity over time.

• The business cycle is the process of hiring new employees.

• The business cycle is the process of closing a business.

• The business cycle is the process of starting a new business.

What are the different phases of the business cycle?

• Growth, peak, decline, and bottom

• Expansion, peak, contraction, and trough

• Upswing, climax, downturn, and low point

• Increase, summit, decrease, and bottom

A Japanese car company makes a new sedan in Kentucky. Which country's GDP is this added to?

• U.S.

• Japan

• U.S. and Japan

• China

• no answer

What can be used to measure standard of living?

• GDP

• GNP

• CPI

• PPI

• GDP per capita