Economics Quiz

How often is GDP measured?

• Quarterly and annually

• Monthly and annually

• Weekly and monthly

• Daily and weekly

What is the base year value for the Consumer Price Index (CPI)?

• 100

• 50

• 200

• 150

What is the formula for GDP?

• C + I + G + (X-M)

• C + G + I + (M-X)

• C + I + G + (M-X)

• C + G + I + (X+M)

What does the Labor Force Participation Rate measure?

• Percentage of working-age population in the labor force

• Percentage of unemployed individuals

• Percentage of people with jobs

• Percentage of people seeking jobs

Which type of unemployment is related to economic downturns?

• Cyclical

• Structural

• Frictional

• Seasonal

What is the main purpose of the Consumer Price Index (CPI)?

• Track inflation and cost of living adjustments

• Measure GDP growth

• Calculate unemployment rates

• Determine interest rates

What is the main indicator used to measure the general price level of goods and services?

• Consumer Price Index (CPI)

• Gross Domestic Product (GDP)

• Unemployment Rate

• Labor Force Participation Rate

What is the primary focus of employment indicators?

• Unemployment and labor force participation

• GDP and CPI

• Inflation and interest rates

• Exports and imports

Which of the following is NOT an indicator of consumer spending?

• Retail Sales Reports

• Personal Consumption Expenditures (PCE)

• Consumer Confidence Index

• Federal Debt Management

What is the formula for calculating the annual rate of inflation?