WorksheetsEconomic Indicators
Total questions: 15
Worksheet time: 5mins
What is the definition for GDP?
The market value of all final goods and services produced in a nation during a period of time, usually a year.
The increase of general prices over time.
When people do not have jobs and are actively looking for one.
What is the definition for inflation?
The market value of all final goods and services produced in a nation during a period of time, usually a year.
The increase of general prices over time.
When people do not have jobs and are actively looking for one.
What is the definition for unemployment?
The market value of all final goods and services produced in a nation during a period of time, usually a year.
The increase of general prices over time.
When people do not have jobs and are actively looking for one.
What is the ideal (healthy) rate for GDP?
2-4%
Below 3%
Below 5%
What is the ideal (healthy) rate for Inflation?
2-4%
Below 3%
Below 5%
What is the ideal (healthy) rate for Unemployment?
2-4%
Below 3%
Below 5%
How is GDP calculated?
C + I + G + (X - M)
C - I - G - (X + M)
C + I + G (X - M)
I + G + C (M - X)
What letter in the GDP equation has the largest impact on our economic growth?
C (Consumer Spending)
I (Business Investments)
G (Government Spending)
X (Exports)
What type of inflation is represented here?
Scenario- Apple releases a new iPhone that is foldable causing the popularity of iPhones to increase. To capitalize on this opportunity, Apple decides to increase their prices.
Demand-Pull Inflation
Cost-Push Inflation
What type of inflation is represented here?
Scenario- The price of steel increases, so contractors increase the price of new homes to make up for the increase in resource costs.
Demand-Pull Inflation
Cost-Push Inflation
What determinants closely match Demand-Pull and Cost-Push Inflation?
Tastes & Preferences and Resource Costs
Income of Consumers & Government Intervention
Size of Population & Number of Sellers
Expected Future Price & Technology
What type of Unemployment is represented here?
Scenario: The economy is on the decline causing businesses to lay off employees
Cyclical
Seasonal
Structural
Frictional
What type of Unemployment is represented here?
Scenario: Businesses purchase more technology for the sole purpose of laying off employees
Cyclical
Seasonal
Structural
Frictional
What type of Unemployment is represented here?
Scenario: You get fired for arguing with your boss in front of customers.
Cyclical
Seasonal
Structural
Frictional
What type of Unemployment is represented here?
Scenario: You are let go from Ritas because the Spring and Summer seasons have passed.
Cyclical
Seasonal
Structural
Frictional
