Economics Final Exam Quizs - Spring 2025

Why are intermediate products excluded from calculations of GDP?

• Because those products are goods, not services

• Because their value is included in the final product

• Because the GDP is a measure of market output on a local level

• Because the GDP is a measure of market output on a national level

Money can be saved for many years and still hold its worth because it is —

• A store of value

• A medium of exchange

• A responsible thing to do

• A unit of account

Which of the following is included in the unemployment rate?

• People who hold only part-time jobs

• People who are too frustrated to look for work

• The jobless who made an effort to find a job during the past month

• People who are retired

Which is an example of a tool used to conduct fiscal policy?

• Reserve Requirement

• Taxes

• Personal Spending

• Interest Rates

What is the current national debt of the United States?

• $22 trillion

• $36 trillion

• $40 trillion

• $15 trillion

A tax on imported products designed to protect domestic producers is known as —

• Comparative advantage

• Opportunity cost

• Protective tariff

• Absolute advantage

People who favor few or no trade restrictions are known as —

• Free traders

• Protectionists

• Embargo

• Quotas

Which tool(s) would be used for monetary policy?

• Interest rates, reserve requirements, buying/selling bonds

• Taxes

• Government spending

• Credit cards

If a human lost their job to a robot, what type of unemployment would that be?

• Cyclical

• Frictional

• Structural

• Seasonal

Scenario: Venezuela overprinted their money, and now their currency is worth over 1 million dollars compared to ONE U.S. dollar. What type of inflation are they experiencing? 

• Deflation

• Cost-Push

• Hyperinflation

• Demand-Pull