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Worksheets13. Economic Performance
Total questions: 18
Worksheet time: 10mins
A system of statistics and accounts that keeps track of production, consumption, saving, and investment.
National income accounting
Gross Domestic Product
Consumer Price Index
Producer Price Index
Products used to make other products already counted in GDP.
Intermediate products
Secondhand sales
Nonmarket products
Black market products
These are transactions that do not take place in the market.
Nonmarket transactions
Nonmarket exchange
Nonmarket business
Underground economic transactions
Gross National Product (GNP)
Total dollar value of all final goods, services, and structures produced in one year.
Value of income after depreciation has been subtracted.
Total amount of income going to consumers after taxes.
Total disposable income of the entire nation.
Net National Product (NNP)
GNP minus depreciation.
GNP after all taxes are collected.
GNP before all taxes are paid.
GNP after all government subsidies have been paid but before taxes collected.
I
Which of the following is NOT something that is calculated in GNP?
Net National Product (NNP)
Depreciation
National Income (NI)
GDP
The basic unit in the consumer sector, made up of all persons who occupy a house, apartment, or room.
Household
Investment sector
Labor
Factor Labor
Which of the following is NOT part of the output-expenditure model used to calculate GDP?
Consumer Spending
Government Spending
Investment Spending
The difference between income and depreciation
Inflation is...
A rise in general price level over time
The increase in price placed on goods and services by an elected president
The difference between the market price and government profit margin
An economic creation by elected officials to control the minds and actions of Americans in the attempt to take over the world and subjugate all humans into the control of what we share over social media.
This is a statistical series that can be used to measure changes in prices over time.
Price index
Population Triangle
Pi
Fibonacci series
A market basket is...
A collection of popular goods and services that is used to estimate price changes over time
An equation used by economists to adjust prices
The digital cart online businesses like Amazon use to track spending habits
An index of average price levels for all goods and services in an economy
Producer price index is important because:
It measures price changes paid by domestic producers for their inputs
It measures price changes paid by domestic consumers for the cost of producer inputs
It measures the global cost of inputs that producers use to make outputs
It determines inflation
When Gross Domestic Product is not adjusted for inflation:
We call it "current GDP"
We call it "Real GDP"
We call it "Inflationary GDP"
We call it "A waste of time"
A census is important to economists because it:
Determines the change in urban population
Determines the change in rural population
Determines the "center of population"
Determines how inflation is impacting population
An important use of the dependency ratio in economics would be:
To determine the number of children and elderly that rely on the working age population
To determine the number of children that rely on the working age population
To determine the number of elderly that depend on the working age population
To determine the number of dependents the elderly support
GDP expressed "per capita" is a good indicator of what?
The value of national GDP shared by each person
The level of average wealth in a nation
The comparable level of wealth from one nation's citizen to another
Whether my political party is "#Winning"
Labor productivity is a good way to examine:
The ratio of output produced per each unit of labor input
The education level of a nation's labor
The work ethic of a nation's people
Whether my political party is "#Winning"
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The dollar amount of all final goods and services produced within a country's national borders in a year.
GDP
Gross National Product
Gross Domestic Product
GNP
