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WorksheetsMacro Concepts
Total questions: 35
Worksheet time: 47mins
Name
Class
Date
1.
What is the primary measure of economic growth/health for a nation?
a)
Consumer Price Index
b)
Gross National Product
c)
Gross Domestic Product
d)
Net Exports
2.
What type of GDP is calculated with the current year's prices?
a)
Nominal GDP
b)
Real GDP
c)
GDP per capita
3.
What type of GDP uses a base year's prices in order to make fair comparisons?
a)
GDP per capita
b)
Real GDP
c)
Nominal GDP
4.
High levels of GDP per capita indicate...
a)
Higher levels of happiness
b)
Higher standard of living
c)
Equal levels of wealth
d)
Self-sufficient communities
5.
Expectant parents buy supplies for the nursery. Would this be included in GDP?
a)
Yes - Consumer Spending
b)
Yes - Investment
c)
No - Intermediate goods
d)
No - Non-market activity
6.
The trade in exotic animals being illegally sold as pets is a multi-billion-dollar-a-year industry. Is this included in GDP?
a)
Yes - Consumer spending
b)
Yes - Government Spending
c)
No - Underground Economy
d)
No - Non-market activity
7.
Michael Kors hires designers to come up with new product lines. Is this included in GDP?
a)
Yes - Consumer Spending
b)
Yes - Investments
c)
No - Black Market
d)
No - purely financial transaction
8.
The federal government is expected to spend $3.95 trillion this year. Will this be counted in GDP?
a)
YES
b)
NO
9.
Mark always changes his own oil. Is this effort counted in GDP?
a)
No - Black Market
b)
No - Non-market Activity
c)
No - Unreported Income
d)
No - Purely financial transaction
10.
Lauren coaches softball and gets paid in cash each week. Is this included in GDP?
a)
Yes - Consumer Spending
b)
Yes - Investment
c)
No - Underground Economy
d)
No - Purely financial transaction
11.
Aly spends $400 on used textbooks at the beginning of the semester in college. Is this included in the GDP?
a)
YES
b)
NO
12.
Dover Downs will sell millions of dollars of NASCAR merchandise on race weekend. Will this be included in GDP?
a)
Yes - Investment
b)
Yes - Consumer Spending
c)
No - used items
d)
No - intermediate goods
13.
Each individual on food stamps can receive up to $194 a month. Is this included in government spending?
a)
Yes - Government spending
b)
Yes - Consumer Spending
c)
No - Intermediate Goods
d)
No - Transfer Payment
14.
A Chik-fil-A milkshake today costs $2.75. The Camden location sold 5,000,000 this year. In 1961, it cost $0.80 and they sold 2,000,000. How do I find the nominal GDP for Chik-fil-A milkshakes in 1961?
a)
2.75 x 5,000,000
b)
.80 x 2,000,000
c)
.80 x 5,000,000
d)
2.75 x 2,000,000
15.
Fiji has a GDP of $7.798 billion and a population of 909, 389. What is the GDP per capita of this country?
a)
$8,574.99
b)
$8.575
c)
$857.49
d)
$8,479.89
16.
Croatia's GDP in 2015 was 90,300,000,000 billion and they had a population of 4,464,844. Sri Lanka has a population of 22,053,488. Their GDP was last estmiated at $232,500,000,000. Who has a higher GDP per capita?
a)
Croatia
b)
Sri Lanka
c)
They are essentially the same
17.
The value of the output of all final goods and services produced within a country in a year.
a)
total ouput
b)
Gross Domestic Product
c)
national income
d)
net domestic product
18.
GDP is calculated by
a)
adding up the cost of goods used in producing the item
b)
subtracting all costs from total revenue
c)
adding consumption + investment +government spending+ (exports sold - imports bought)
19.
Use the diagram to identify Point A?
a)
A = Recession
b)
A = Peak/Boom
c)
A = Expansion
d)
A = Trough
20.
What is occurring at Point D.
a)
D = Recovery/Expansion
b)
D = Recession
c)
D = Peak/Boom
d)
D = Trough
21.
The village of Menomonee Falls purchases a new fire truck. Where would this show up in GDP formula?
a)
Consumption
b)
Investment
c)
Government Spending
d)
Exports-Imports
22.
The U.S. government agency NASA contracts with a firm in Alabama to provide parts for the space station. Where would this show up in the GDP formula?
a)
Consumption
b)
Investment
c)
Government Spending
d)
Exports-Imports
23.
Costco builds a new store in Menomonee Falls, Wisconsin. Where would this show up in the GDP formula?
a)
Consumption
b)
Investment
c)
Government Spending
d)
Exports-Imports
24.
A firm in South Korea buys 20 Caterpillar machines for the construction of a new skyscraper. Where would this show up in the GDP formula?
a)
Consumption
b)
Investment
c)
Government Spending
d)
Exports-Imports
25.
John went to Sports Clips and purchased a haircut. Where would this show up in the GDP formula?
a)
Consumption
b)
Investment
c)
Government Spending
d)
Exports-Imports
26.
Which is the more accurate, and widely used, measure of economic growth?
a)
Nominal GDP
b)
Real GDP
27.
A rise in general price levels or too many dollars chasing too few goods are definitions of
a)
unemployment
b)
recession
c)
inflation
d)
welfare
28.
Remember: there are four "pieces" of GDP: C, I, G, and (Ex-Im).
When the government spends money to build new public schools, which piece is affected?
When the government spends money to build new public schools, which piece is affected?
a)
C
b)
I
c)
G
d)
(Ex-Im)
29.
If C=5, I=5, G=5, Ex=5, and Im=0, what is GDP?
a)
625
b)
20
c)
15
d)
5
30.
If C=10, I=5, G=3, Ex=2, and Im=5, what is GDP?
a)
28
b)
25
c)
21
d)
15
31.
Which causes United States GDP to increase?
a)
Japan buys government securities
b)
Japan sells Japanese securities to the US
c)
The United states sells more goods to Japan
d)
The United States buys more Japanese goods
32.
Many older Americans have trouble finding jobs because of their poor computer skills. What type of unemployment would this be considered?
a)
Seasonal Unemployment
b)
Cyclical Unemployment
c)
Frictional Unemployment
d)
Structural Unemployment
33.
When the economy enters into a recession this type of unemployment emerges
a)
seasonal
b)
frictional
c)
structural
d)
cyclical
34.
Jim lost his job as a stock broker during the recession in 2008. He was unable to find a new position until 2010. During 2008-2010 Jim experienced what kind of unemployment?
a)
Cyclical
b)
Structural
c)
Seasonal
d)
Frictional
35.
The Unemployment Rate is defined as
a)
percentage of unemployed people who are both willing & able to work
b)
percentage of unemployed people who are willing but not able to work
c)
percentage of unemployed people who are able but not willing to work
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