WorksheetsPOB Chapter 2.1 Review
Total questions: 30
Worksheet time: 16mins
____ is the total value of all final goods and services produced in a country during one year.
Unemployment rate
Gross domestic product
Productivity
Economic rate
Economic growth refers to a steady decrease in the production of goods and services in an economic system.
True
False
____ is the most widely used measure to find out how well an economy is doing.
Inflation
Gross Domestic Product
Consumer Spending
Capital Spending
GDP is the total value of all finished goods and services produced in a country during one year.
True
False
GDP includes which of the following categories: (select all that apply)
Exports of a country less the imports into the country
Inflation
Business spending
Consumer spending
Government spending
_____ includes spending for food, clothing, housing, and other goods & services.
Consumer spending
Exports
Business spending
Government spending
GDP includes the value of the work that you do for yourself.
True
False
_____ includes spending for buildings, equipment, and inventory items.
Consumer spending
Inflation
Business spending
Productivity
Intermediate goods are included when measuring GDP.
True
False
Steel produced in America and sold to an American automaker would NOT be included in GDP.
True
False
If GDP increases from year to year, this usually signals that an economy is ____.
in decline
stable
growing
none of the above
The more goods and services that are produced, the ____ an economy is considered to be.
weaker
healthier
smaller
none of the above
____ refers to output per person.
GDP
GDP per country
GDP per area
GDP per capita
Which of the following would not be included in GDP?
exports to other countries
purchases of computers by the government
automobiles purchased
dinner preparation for your family
Productivity would likely increase as a result of _____.
new technology
higher taxes
higher interest rates
decreased training programs
Retail sales include ____.
company buying a new building
borrowing by businesses
school supplies bought by students
taxes collected
Workers of a country contribute to the economy when they produce needed goods and services.
True
False
Workers of a country contribute to the economy when they spend their wages on various products.
True
False
The ____ is the portion of people in the labor force who are not working.
employment rate
employment wage
unemployment wage
unemployment rate
Janie recently resigned from her job to stay at home with her children. In this scenario, Janie ______ the unemployment rate.
would be counted in
would not be counted in
increases
decreases
____ is the production output in relation to a unit of input.
GDP
GDP Per Capita
Productivity
Retail Sales
Which of the following can lead to increased productivity? (select all that apply)
Improvements in capital resources
Improvements in worker training
Improvements in employee wages
Improvements in management techniques
Higher productivity is vital for an economy.
True
False
_____ is the training of workers to do a specific task.
Productivity
GDP
Unemployment Rate
Specialization of Labor
Division of Labor causes _____ productivity.
inefficiency, which lowers
efficiency, which increases
inefficiency, which increases
efficiency, which lowers
The money you earn and spend is one of the least important factors for economic growth.
True
False
_____ refers to salaries and wages, as well as investment income and government payments.
Personal income
Retail sales
Productivity
GDP per capital
Sales of durable and nondurable goods bought by consumers is known as ____.
Personal Income
Wholesale Sales
Retail Sales
Productivity
Which of the following would NOT be included in retail sales?
gasoline
clothing
automobiles
taxes collected
Which of the following would cause an increase in GDP?
Government increases taxes on consumers
Foreign government puts a tax on American-produced goods
Americans decide to buy more Japanese-made vehicles
Government hires people to build a new bridge along Interstate 49
