Free Printable PBF Chapter 8 Quiz

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PBF Chapter 8 Quiz

Total questions: 10

Worksheet time: 5mins

Name

Class

Date

Two measures of GDP:

Nominal GDP and Real GDP

Income GDP and Real GDP

Expenditure GDP and nominal GDP

Real GDP and income GDP

What problem is solved by using real GDP?

misuse of output

difference between expense and income approach

difficulty in determining current average prices

distortions caused by changes in prices over time

Gross Domestic Product measures the

quantity of the goods and services produced in a given year, listed item by item, within a country.

market value of the final goods and services produced in a given year within a country.

measures the market value of the domestic labor in a given year within a country.

market value of the final goods and services consumed by households in a given year within a country.

Honda has an assembly plant for Civics in Ohio. The production of U.S.-made Civics is

added to U.S. GDP.

added to Japan's GDP because Honda is a Japanese company.

not included in either the U.S. or Japanese GDP.

added to U.S. GDP only if the Civic is sold in the United States in the year it is produced.

Which of the following expenditure components of GDP can be negative or positive?

Consumption expenditures.

Investment expenditures.

Government purchases of goods and services.

Net exports of goods and services.

The expenditure approach to measuring GDP is done by using data on only

consumption expenditure and investment.

consumption expenditure, investment, government expenditures on goods and services, and net exports of goods and services.

consumption expenditure, investment, and government expenditures.

wages, rent, interest, and profit.

National economic trends ...

should have little or no impact on individual financial planning

should only impact individuals once they are in the workforce for more than 10 years

are the same as long-term finiancial goals set by individuals

should impact financial planning

Inflation may also be described as a situation where the value of money is:

falling

fluctuating

increasing

remain the same

Demographics do not determine the fate of economic growth, but they are certainly a key determinant of an economy's growth potential.

True

False

10.

What do demographic trends suggest about the future of Social Security?

Social Security will have to undergo major changes and individuals will need to rely more on personal savings

Social Security will have to undergo major changes but it remains the most consistent fund for savings and retirement

Social Security should be developed further to cover health and retirement expenses because of the return on investment

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PBF Chapter 8 Quiz

Total questions: 10

Worksheet time: 5mins

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