GDP and Unemployment Quiz

GDP means...

• Gross Domestic Product

• Gross Development Product

• General Domestic Product

• General Development Product

How is GDP calculated?

• GDP = C + I + G + (X - M)

• GDP = C + I + G

• GDP = C + I + G + X

• GDP = C + I + G + M

What does the "C" stand for when calculating GDP?

• Consumer Spending

• Consumer Investment

• Contraction

• Government Consumption

What does the "I" stand for when calculating GDP?

• Idle Resources

• Investment (businesses)

• Consumer Saving

• Government Saving

What does the "G" stand for when calculating GDP?

• Gross

• Government Spending

• Government Saving

• Gains towards investment

What does "(X - I)" refer to when calculating GDP?

• Domestic Product

• Government Spending

• Consumer Spending

• Net Exports

Unemployment is defined as:

• The state of being employed and looking for another job

• A person actively seeking work because they don't have a job

• The state of being retired

• When someone only works part-time

What are the 4 types of unemployment.

• Frictional, Structural, Cyclical, Seasonal

• Frictional, Structural, Cyclical, Technological

• Frictional, Structural, Cyclical, Voluntary

• Frictional, Structural, Cyclical, Involuntary

Match the following types of unemployment to its example

• Structural

• Remi has graduated from college and is seeking work in business.

• Frictional

• Alice lost her job as a cashier due to automated touch screens

• Cyclical

• Oliver became unemployed when the economy took a downturn due to COVID-19

The formula for calculating unemployment is:

• (Number of unemployed / Labor force) x 100

• (Labor force / Number of unemployed) x 100

• (Number of employed / Labor force) x 100

• (Labor force / Number of employed) x 100