
Unit 2 Test Review
Quiz
•
Social Studies, History
•
12th Grade - University
•
Practice Problem
•
Easy
Charlotte Anderson
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40 questions
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1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following is true regarding GDP
intermediate goods are not counted because GDP does not include imports from foreign countries
household production, like home auto repair, is counted in GDP
Transfer payment are not included in GDP because government expenditures are not counted
GDP includes the purchase and sale of all goods and services in a country in one year
GDP, adjusted for inflation, measures economic growth over time
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which statement is true about the approaches used to measure the value of a nation’s gross domestic product
The value-added approach to calculating GDP sums the final monetary value of output at each stage of production.
The income approach to calculating GDP sums the income earned by the factors of production excluding profits.
The expenditure approach to calculating GDP sums consumption spending, investment spending, government spending, and net exports.
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Calculate Country X’s nominal gross domestic product (GDP) for 2017 using the expenditures approach.
14 billion dollars
18 billion dollars
19 billion dollars
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following describes a limitation of gross domestic product
It does not account for the distribution of income in a nation or income inequality.
It understates the value of output by accounting for negative environmental side effects of production.
It fails to make adjustments for the value of services consumed for free such as browsing on the Web.
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following is classified as a discouraged worker?
Peter earned a degree in business and is actively seeking a job in the financial sector.
Ella has been unable to find a job and abandoned her job search.
Max decided to be a stay-at-home dad after he lost his job.
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What type of unemployment describes the situation of factory workers displaced by automation?
Frictional
Cyclical
Structural
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Given the labor market data above, what are the labor-force participation rate (LFPR) and the unemployment rate (UR) ?
The LFPR is 60% and the UR is 6.0%.
The LFPR is 60% and the UR is 10.0%.
The LFPR is 60% and the UR is 3.3%.
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