Understanding the U.S. Economy: GDP and Inflation

Understanding the U.S. Economy: GDP and Inflation

8th Grade

10 Qs

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Understanding the U.S. Economy: GDP and Inflation

Understanding the U.S. Economy: GDP and Inflation

Assessment

Quiz

Business

8th Grade

Practice Problem

Hard

Created by

Benjamin Brandwein

Used 2+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

What does GDP stand for?

General Domestic Product

Gross Domestic Product

Governmental Domestic Product

Gross Domestic Performance

2.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

What is considered the broadest quantitative measure of a nation's total economic activity?

Inflation Rate

Unemployment Rate

Gross Domestic Product

Consumer Price Index

3.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Which of the following best describes inflation?

A decrease in the price of goods and services over time

An increase in the price of goods and services over time

A stable price level of goods and services over time

A decrease in the value of the stock market

4.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Deflation is:

The increase in the value of money over time

The decrease in the overall level of prices for goods and services

The process of adjusting interest rates by the Federal Reserve

The increase in the cost of borrowing money

5.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Which of the following is a common effect of inflation?

Increased purchasing power of money

Decreased cost of living

Decreased value of money

Increased savings rate

6.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Real GDP is adjusted for:

Population growth

Inflation

Exchange rates

Interest rates

7.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Which of the following would likely cause inflation?

A decrease in consumer demand

An increase in production costs

A decrease in the money supply

An increase in the unemployment rate

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