Marketing Chapter 7.2 Questions

What term is used to describe the total value of goods and services produced within a country's borders in a specific time period?

• economic growth rate

• standard of living

• gross domestic product (GDP)

• stock market index

Which term refers to the general increase in prices and fall in the purchasing value of money?

• inflation

• per capita GDP

• full employment

• labor force

What is the term for the inflation that occurs when demand for goods and services exceeds existing supplies?

• cost-push inflation

• economic growth rate

• demand-pull inflation

• consumer price index (CPI)

What index measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services?

• stock market index

• consumer price index (CPI)

• nominal GDP

• real GDP

Which term describes the total number of people who are willing and able to work within an economy?

• unemployment rate

• labor force

• full employment

• economic growth rate

What does GDP stand for?

• General Domestic Product

• Gross Domestic Product

• Government Domestic Product

• Global Domestic Product

What is the GDP?

• The total value of services produced in a country

• The market value of all final goods produced in a country

• The total exports of a country

• The sum of all financial transactions in a country

Which of the following is another term for GDP mentioned in the material?

• Economic analysis

• Economic output

• Economic growth

• Economic scale

Which of the following is NOT listed as one of the most widely followed economic indicators?

• Gross domestic product (GDP)

• Per capita GDP

• Inflation rate

• Interest rate

Who are the major spenders in the US economy?

• Foreign investors and international markets

• Consumers, businesses, and various government agencies

• Non-profit organizations and charities

• Small businesses and startups