WorksheetsGDP and Business Cycle
Total questions: 15
Worksheet time: 14mins
Gross Domestic Product measures the value of...
Goods and services produced in the United States.
Goods produced by any American owned company anywhere in the world.
Any product produced in the United States during a 3 year period
Good or service produced in Germany and sold in the United States
What is the formula for GDP?
C + I + G + (X-M)
C + I + G / (X-M)
C + I + G + (population)
C + I + G + (Reserve Ratio)
East Dublin purchases a new fire truck. Where would this show up in GDP formula? (GDP=C+I+G+(X-M))
Consumption (Consumer)
Investment (Business)
Government Spending
Exports-Imports
Costco builds a new store in Dublin. Where would this show up in the GDP formula? (GDP=C+I+G+(X-M))
Consumption (Consumer)
Investment (Business)
Government Spending
Exports-Imports
John went to Sports Clips and purchased a haircut. Where would this show up in the GDP formula?
Consumption (Consumer)
Investment (Business)
Government Spending
Exports-Imports
The total dollar value of all final goods and services produced within the country’s border in a given year after inflation is taken out of the data.
Nominal GDP
GDP/capita
Gross GDP
Real GDP
Why is real GDP more accurate than nominal GDP?
It's adjusted for price changes
It's adjusted for depreciation
It includes unpaid and paid work.
It includes unrecorded business.
If you graph Real GDP, then you have created...
An economic forecast
An Inflation Index
The Business Cycle
Labor Output Graph
The Lowest point in the business cycle
Peak
Trough
Expansion
Contraction
Which letter represents the Contractionary (Recession) Phase?
A
B
C
D
Which phase of the Business Cycle includes the economy slowing down?
Prosperity
Recession
Depression
Recovery
Points 1 and 4 represent
Peaks and expansion
Troughs and recession
Peaks and depression
Contraction and expansion
What is the biggest difference between a "recession" and a "depression"?
Length and severity of economic contraction
Depressions are more frequent than recessions
Depressions only happen when banks fail
Recessions are more severe than depressions
Which of the following is a peak?
A
B
C
D
Which of the following is a recession, or contraction?
A
B
C
D
