WorksheetsEPF U4 Quiz: GDP, Business Cycles, and Unemployment
Total questions: 15
Worksheet time: 8mins
What are the three economic goals every society seeks to accomplish?
full employment, stable prices, economic growth
6% inflation, 10% unemployment, slow economic growth
Everyone employed, control inflation, flat economic growth
Promote economic growth, full unemployment, limit inflation
What is the correct equation for GDP below?
GDP = C + M + I + G
GDP = C + I + G + (X-M)
GDP = L + I + O + N
GDP = Nx + Mx + C + M
Net Exports are ...
Imports divided by exports
Exports minus Imports
Imports minus Exports
Exports divided by imports
The most important measurement of a nations economic activity is...
Employment Rate
Population Control
Gross Domestic Product
Consumer Price Index
All of the following add to a nation's GDP EXCEPT
Items purchased at a grocery store
Items imported from another Nation
Services rendered for payment
Government payouts for goods and services
What are the four parts of the business cycle?
Expansion - Peak - Sloth - Plummet
Expansion - Retraction - Infraction - Sublaction
Expansion - Peak - Recession - Trough
Infraction - Trough - Recession - Peak
The period of the business cycle characterized by Businesses decreasing production, unemployment rising, consumer spending decreasing, and a fall in inflation is
Expansion
Peak
Recession
Trough
The highest point in the business cycle, characterized by low unemployment and high inflation is...
Expansion
Peak
Contraction
Trough
In order to count towards the unemployment rate, you must ...
Be actively searching for a job
Be of a working age
Be able to work
All options are true
When you are out of work because you have been replaced by a robot... that is...
Structural (Technological Unemployment)
Structural Unemployment
Institutional Unemployment
Frictional Unemployment
If you divide the amount of unemployed workers by the total labor force and multiply by 100... this will give you
The business cycle
The current CPI
The rate of inflation
The Unemployment rate
A private business purchasing machinery for it's production is WHAT FACTOR of GDP
Consumer spending
Investment
Government Spending
Exports
An overall increase in imports will have what effect on GDP
Increase GDP overall
Decrease GDP overall
Consistent GDP
No impact on GDP
If government regulations are causing employers to cut costs, and you are fired as a result... that is considered
a law suit
frictional unemployment
cyclical unemployment
Institutional Unemployment
Cyclical unemployment most commonly occurs at what points in the business cycle
Expansion/Recession
Recession/Peak
Trough/Recession
Expansion/Trough
