WorksheetsUnit 4 - Measures of Economic Progress
Total questions: 23
Worksheet time: 23mins
If you are considered a part of the "labor force" you must be all of the following EXCEPT
above 16 years old
able and willing to work
not in the military, a full-time student, or retired
a college graduate
What is macroeconomics?
the study of choices of individuals and businesses
the study of the economy as a whole
the study of a country's politics
the study of small-scale economic decisions
Which of the following is NOT one of the three major economic goals?
promote stable growth
keep unemployment low
develop strong tariffs
limit inflation
What does GDP measure?
inflation
economic growth
unemployment rate
supply and demand
Which of the following is NOT counted in a country's GDP?
government spending
purchases of final goods & services
business investments
non-market or household items
What is GDP per capita?
the ratio of GDP per capital city in a nation
the GDP of one nation compared to its neighbors
GDP divided by population
GDP adjusted for inflation
What does GDP per capita attempt to measure?
how many people live in the nation's capital
the difference in GDP from year to year
a nation's standard of living
the inflation rate
Which of the following is an example of an intermediate good?
a new paint job done by a local body shop
a used car purchased on Craigslist
a brand new car purchased at a local car dealership
the stock radio and tires on Mrs. Jamell's new Tesla Model X
True or false? The business cycle goes up and down like a roller coaster over time. In the business cycle, there are times of expansion and times of contraction.
True
False
A recession is 6 months of __________ GDP.
growing
decline in
A recovery is 6 months of __________ GDP.
growing
decline in
What is an example of seasonal unemployment?
a football player when it's not Sunday Night
a Yankee Candle Company worker who lives in the South
a mall santa in the summer months
someone whose job has been taken over by robots
What is an example of a change in the labor force due to skills becoming obsolete (out-of-date or no longer needed)?
frictional unemployment
structural unemployment
seasonal unemployment
cyclical unemployment
Nominal GDP is measured at current market prices. Which of the following does NOT take inflation (prices) into account and ONLY measures growth?
real GDP
GDP per capita
gross GDP
consumer price index
Which of the following is NOT one of the three factors the Unemployment Rate fails to account for?
stay at home moms
discouraged workers
part-time workers
race and age inequalities
Inflation is the rising general levels of prices and it reduces the ____________ of money.
demand
purchasing power
investments
consumer price index
Who is HURT by unanticipated inflation?
investors in stocks and gold
fixed-rate mortagage holders
the American economy
owners of land and other physical assets
If there is inflation, workers will need:
a raise
coffee and donuts in the breakroom
longer lunch breaks
direct deposit
The inflation rate is the
percent change in prices from year to year
consumer price index
purchasing power at one given point in time
production cost for each country
We started studying the whole economy after which event?
the turn of the century
the 2016 presidential election
the Great Depression
the start of WWI
Steel workers being laid off during a recession, coffee baristas being fired after a period of slow business, and high unemployment during the Great Depression are all examples of which type of unemployment?
structural unemployment
cyclical unemployment
frictional unemployment
seasonal unemployment
Choose all that apply. What can cause inflation?
printing too much money (quantity theory)
too much demand (demand-pull)
fixed interest rates
higher production costs (cost-push)
The Business Cycle is a trade-off between which two of the following?
GDP
Inflation
Unemployment
Macroeconomics
