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WorksheetsUnit 7 - Business Cycles and GDP
Total questions: 10
Worksheet time: 5mins
GDP, or gross domestic product, measures...
the value of all final goods and services produced
an increase in the general price level
the percentage of people looking for work that can't find it
the economic freedom an economy offers
Inflation measures...
the value of all final goods and services produced
an increase in the general price level
the percentage of people looking for work that can't find it
the economic freedom an economy offers
Unemployment measures...
the value of all final goods and services produced
an increase in the general price level
the percentage of people looking for work that can't find it
the economic freedom an economy offers
Which of the following is a peak?
A
B
C
D
Which of the following is a recession, or contraction?
A
B
C
D
Which of the following is a trough?
A
B
C
D
Which of the following is an expansion, or recovery?
A
B
C
D
Nominal GDP - _____ = Real GDP
Inflation
Unemployment
Imports
Exports
GDP divided by ______ = GDP per capita
population
income
wealth
production
"Real" GDP more accurately measures changes in production than Nominal GDP because it accounts for...
changes in price
phases of the business cycle
increases in unemployment
decreases in exports
