WorksheetsBarclay GDP, GNP, Inflation, etc.
Total questions: 35
Worksheet time: 18mins
Name
Class
Date
1.
A relatively short-term movement of the economy in and out of a recession
a)
depression
b)
down turn
c)
business cycle
d)
bullish market
2.
The process when capital ages and loses its value or worth.
a)
depression
b)
recession
c)
depreciation
d)
down turn in the economy
3.
A long-lasting good like a car or a refrigerator
a)
depreciation
b)
durable good
c)
appreciation
d)
non-durable good
4.
The value of the output of all goods and services produced within a country in a year.
a)
total ouput
b)
Gross Domestic Product
c)
national income
d)
net domestic product
5.
A short-lived good like food and clothing
a)
inventory
b)
product
c)
nondurable good
d)
service
6.
A product which is intangible (in contrast to goods) such as entertainment, healthcare, or education
a)
inventory
b)
product
c)
service
d)
real value
7.
A significant decline in national output
a)
down turn
b)
recession
c)
depression
d)
economic trough
8.
All elements that affect people's happiness, whether bought and sold on the market or not
a)
inventory
b)
business cycle
c)
bullish market
d)
standard of living
9.
When a nation's exports exceed its imports and is calculated as exports - imports
a)
trade surplus
b)
trade deficit
c)
inventory
d)
gross domestic product
10.
The lowest point of output in a recession, before a recovery begins
a)
trade deficit
b)
depression
c)
trough
d)
recovery
11.
When Price FALLS, Demand RISES.
When Price RISES, Demand FALLS.
When Price RISES, Demand FALLS.
a)
Law of Supply
b)
Law of Surplus
c)
Trade Deficit
d)
Law of Demand
12.
When a group of buyers and sellers meet over a particular product.
a)
gross domestic product
b)
market
c)
economic trough
d)
down turn in the market
13.
Excess Supply, when the Quantity Supply (qS) is GREATER the Quantity Demand (qD).
a)
deficit
b)
surplus
c)
shortage
d)
trough
14.
When price equals Quantity Supplied with Quantity Demand.
a)
equlibrium
b)
surplus
c)
deficit
d)
shortage
15.
If Real GDP is $300 million and the population is 10 million, what is the Real GDP per capita?
a)
$3,000
b)
$300
c)
$30
d)
$5
16.
A shoe produced in South Korea and sold in the U.S.
a)
Included in U.S. GDP
b)
Included in South Korea GDP
c)
Included in Canadian GDP
17.
When a company buys new computers for their business, what part of the GDP equation does this count as?
a)
Consumption
b)
Investments
c)
Imports
d)
Exports
18.
When Howard students buy new Jordan's, what part of the GDP equation does this count as?
a)
Consumption
b)
Investments
c)
Imports
d)
Exports
19.
Which type of unemployment do lifeguards experience?
a)
Seasonal
b)
Structural/Technological
c)
Cyclical
d)
Frictional
20.
What type of unemployment did people experience during the Great Depression?
a)
Seasonal
b)
Structural/Technological
c)
Cyclical
d)
Frictional
21.
What type of unemployment did my grandmother experience when she lost her job because she didn't know how to type?
a)
Seasonal
b)
Structural/Technological
c)
Cyclical
d)
Frictional
22.
What type of policy should the Federal Reserve use during a recession?
a)
Expansionary Fiscal Policy
b)
Contractionary Fiscal Policy
c)
Expansionary Monetary Policy
d)
Contractionary Monetary Policy
23.
What type of inflation occurs when a rise in oil prices cause the prices of other goods to increase?
a)
Cost-push inflation
b)
Demand-pull inflation
c)
Nominal inflation
d)
Real inflation
24.
Net national product minus all taxes--except the corporate profits tax--that businesses must pay as a cost of doing business.
a)
personal income
b)
disposable income
c)
national income
d)
investment income
25.
The total amount of income going to consumers before individual income taxes are subtracted.
a)
personal income
b)
national income
c)
disposable income
d)
investment income
26.
The basic unit of the consumer sector is the
a)
individual
b)
household
c)
consumer
d)
sole proprietorship
27.
Which of these is NOT one of the three broad categories of production used in the National Income and Product Account (NIPA)?
a)
Goods
b)
Services
c)
Investments
d)
Structures
28.
Products used in making other products already counted in the GDP.
a)
Supplemental products
b)
Intermediate products
c)
Secondary products
d)
Add on products
29.
When products already produced are transferred from one person or group to another.
a)
Resale items
b)
Supplementary sales
c)
Secondary sales
d)
Secondhand sales
30.
Which of the following would NOT be a part of the underground economy.
a)
Money paid to an undocumented worker
b)
Money earned in an illegal drug transaction
c)
Money paid for smuggled cigarettes
d)
Money a person earned at a legal part time job at a business
31.
Man widely regarded as the most important economist of the twentieth century.
a)
John Maynard Keynes
b)
Frederick Taylor
c)
Dave Thomas
d)
Sir W. Arthur Lewis
32.
Reports on price changes for about 90,000 items in 364 categories.
a)
Consumer Price Index
b)
Gross National Product
c)
Gross Domestic Product
d)
Wholesale Price Index
33.
Goods that are representative of the purchases that will be made over time in constructing the Consumer Price Index.
a)
Store Samplings
b)
Representative Selections
c)
Representative Sample
d)
Market Basket
34.
Which of the following is NOT one of the Economic Sectors involved in Circular Flow?
a)
Education Sector
b)
Consumer Sector
c)
Investment Sector
d)
Foreign Sector
35.
The Producer Price Index was formerly referred to as the
a)
Manufacturer Price Index
b)
Consumer Price Index
c)
Implicit Price Index
d)
Wholesale Price Index
100 %
