What does GDP stand for and what does it measure?
Macro Unit 2 Summary (Old Version)- Measuring the Economy

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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Gross Domestic Product; measures the total value of goods and services produced by a country's citizens.
Gross Domestic Product; measures the total value of goods and services produced within a country.
General Domestic Product; measures the total value of goods and services consumed within a country.
Global Domestic Product; measures the total value of goods and services produced worldwide.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT included in GDP calculations?
Intermediate goods
Consumer spending
Final goods and services
Government spending
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the natural rate of unemployment?
The unemployment rate when there is no unemployment at all.
The unemployment rate when there is no cyclical unemployment.
The unemployment rate when there is no frictional unemployment.
The unemployment rate when there is no structural unemployment.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of unemployment is caused by economic downturns?
Cyclical unemployment
Structural unemployment
Frictional unemployment
Seasonal unemployment
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does CPI stand for and what does it measure?
Consumer Price Index; measures the average change in prices of exported goods.
Consumer Price Index; measures the average change in prices of imported goods.
Consumer Price Index; measures the average change in prices received by producers for goods and services.
Consumer Price Index; measures the average change in prices paid by consumers for goods and services.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between nominal GDP and real GDP?
Real GDP includes only consumer goods, while nominal GDP includes all goods.
Nominal GDP includes only consumer goods, while real GDP includes all goods.
Real GDP is adjusted for inflation, while nominal GDP is not.
Nominal GDP is adjusted for inflation, while real GDP is not.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a cause of demand-pull inflation?
A decrease in government spending
A decrease in consumer demand
An increase in the money supply
An increase in production costs
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