EPF 5 part 1

Which of the following studies economics as a whole?

• Microeconomics

• Macroeconomics

• Both Micro and Macro economics

Which of the following deals with Macroeconomics?

• Individual income

• Individual savings

• Individual output

• General price level

The most commonly used measure of a country's national income is.....

• GNP

• GDP

• real GDP

• CPI

In discussing the business cycle, an 'expansion' is often referred to as.....

• peak

• recovery

• pre-peak

• contraction

What is GDP?

• Gross Domestic Product

• Grand Domestic Product

• Gross Domestic Produce

• Gross Dominating Product

What does domestic mean?

• Produced within the borders of a country

• produced outside the borders of a country

• bought from another country

• purchased from a bordering country

Gross domestic product is the total ______ produced within a country in a given time period.

• market value of all final and intermediate goods and services

• market value of all final and intermediate goods and services plus investment and depreciation

• amount of final and intermediate goods and services

• market value of all final goods and services

Real GDP measure the

• total profits earned by all businesses valued using prices from a single year

• changes in the prices of output measured in dollars

• general upward drift in prices

• value of total production linked to prices of a single year

The study of the economy as a whole: the "big picture" is called

• Microeconomics

• Mercantilism

• Macroeconomics

• Macronutrition

Eating at a restaurant is an example of ________ spending on _________ goods.

• government; durable

• investment; durable

• consumer; non-durable

• export; non-durable