Intro. to Business Ch. 2 Review

What does GDP stand for?

• Gross Domestic Product

• Gross Domestic Profit

• Global Domestic Product

• Growth Development Process

What is the formula for calculating per capita GDP?

• GDP * Population

• Population / GDP

• GDP / Population

• GDP - Population

What does consumer spending include?

• Medical Care, Recreation

• Food, Clothing, Cars

• None of the above

• All of the above

What does net exports represent?

• Imports minus exports

• Exports minus imports

• Total exports

• Total imports

What does the inflation rate measure?

• The rate of change in prices

• The consumer price index

• The general rise in prices

• The hyperinflation

What is the labor force?

• People who are not willing to work

• All people capable of working

• Only unemployed people

• Only employed people

What does a stock represent?

• Ownership in a government

• Ownership in a corporation

• Ownership in a market

• Ownership in a bank

What is a bond?

• A certificate of trade in a market

• A certificate of debt issued by an organization or government

• A certificate of ownership in a corporation

• A certificate of investment in a bank

What is a recession?

• A period of hyperinflation

• A period of full employment

• A period of economic expansion

• A period of significant decline in the total output

What is a monopoly?

• A market structure with no businesses

• A market structure with one business that has complete control

• A market structure with government control

• A market structure with multiple businesses