Unit 21: Introduction to Measures of Economic performance

the rate of change in economic output is called...

• economic growth

• inflation

• unemployment

• deflation

when a country exports more than it imports, this is called a...

• economic growth

• trade surplus

• trade deficit

• recession

the study of individual markets within an economy is...

• trade deficit

• trade surplus

• microeconomics

• macroeconomics

two consecutive months of economic contraction is called a...

• inflation

• deflation

• economic growth

• recession

the study of the economy as a whole is called....

• inflation

• deflation

• microeconomics

• macroeconomics

the standard measure of economic output used by countries around the world is...

• GDP (Growth Domestic Profit)

• current account

• recession

• economic growth

when a country imports more than it exports, this is called a...

• GDP

• trade deficit

• trade surplus

• current account