Economics Quiz

Economics Quiz

12th Grade

41 Qs

quiz-placeholder

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Economics Quiz

Economics Quiz

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Caleb Reid

Used 3+ times

FREE Resource

41 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is GDP?

GDP is the sum of the prices of all final goods and services produced by one country

GDP is the sum of the prices of all final goods and services produced within one country

GDP is the sum of the prices of all intermediate and final goods and services within one country

GDP allows economists to measure inflation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would be included in calculating GDP?

Intermediate goods

Stocks

Social Security checks

Unsold goods produced by a business

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jose just purchased new tires for his ten-year-old car. Is this purchase counted towards GDP?

Yes

No

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following accounts for the biggest portion of GDP in the United States?

Consumption

Business Investment

Government Spending

Net Exports

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following helps economists better understand a nation’s standard of living?

Net Exports

GDP per capita

Business Investment

Nominal GDP

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the unemployment rate?

The total population of a country divided by people who are employed (times 100)

The number of people over 16 actively looking for work divided by the number of people in the labor force (times 100)

The number of jobless people actively looking for work divided by the number of people in the labor force (times 100)

The total population of a country divided by people who are unemployed (times 100)

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following people would count towards the labor force?

Peter is a homemaker with 4 children

Kiley is retired and now volunteers her time to the local library

Lawrence is 15 and can’t wait to get his first job

Aaron works a few hours a week bartending

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