Worksheets9.5 Warm Up (EPF)
Total questions: 12
Worksheet time: 7mins
GDP measures the:
Total market value of intermediate goods and services produced by the citizens of a country in a given year.
Total market value of all final goods and services produced in an economy in a given year.
Change in total employment at U.S. owned firms over the course of a given year.
Change in production levels at U.S. owned firms measured quarterly.
The US military purchases new protective equipment. Is this included in GDP?
No - public transfer payments
Which of the following is NOT a phase of the business cycle?
Expansion
Contraction
Neutral
Peak
Trough
The Business Cycle measures ___ over time.
wealth
inflation
economic growth
Real GDP is same as
real GNP
exports minus imports
GDP with price adjustments
GDP at current prices
Which of the following is the best measurement of economic growth?
Nominal GDP
Real GDP
GDP per capita
Real GDP per capita
Two people on food stamps $300 a month for food. Is this included in GDP?
No - Public Transfer Payment
