WorksheetsEconomic
Total questions: 39
Worksheet time: 20mins
Macroeconomics involves the study of the.....
Cost and production decisions made by firms
Different market structures that exist in the economy
Individual decision makers in the economy
Overall Behavior of the economy
Economics deals primarily with the concept of.....
Money
Poverty
Scarcity
Supply and Demand
Products that would be used in calculating GDP include......
Toys manufactured in China at factory owned by a US company
Cars manufactured in Tennessee at a factory owned by a Japanese
IDK
IDK
The calculation of GDP would include......
The sale of a 25 year old house
The income of a person who pays rent by babysitting for the home owners children
The Income of a high school English teacher
The Price of the steel used to build a new hotel.
Which of the following best represents the equation for GDP?
GDP=C+B+G-X+IM
GDP=C+I+G+X-IM
GDP+C+I+G+Taxes-Value Added
GDPGDP=C+I+G+Taxes+X+IM
In the United States, consumer spending accounts for approximately what percentage of GDP?
50%
60%
70%
80%
An example of a durable good would be....
A used car
A pair of socks
A box of cereal
Toilet Paper
An example of a nondurable good is.....
A new car
A used car
A pair of socks
A washing machine
GDP expressed in constant, or unchanging prices is called.....
Real GDP
Price Level
Normal GDP
Net national product
Nominal GDP is.....
The inflation adjusted GDP
The real GDP minus depreciation
The current dollar GDP
The constant dollar GDP
Which of the following would NOT be included in this year's GDP?
The production of a television show
The purchase of a new work truck
The hiring of a new police officer
Your purchase of your neighbor's 2010 Toyota
Define the word aggregate.....
Macro
Total or "sum of"
Complete
Micro
The stage in a business cycle when real GDP stops falling is.....
Expansion
The peak
A recession
The trough
The lowest point in an economic contraction is called.....
A peak
A trough
A recession
A depression
Four factors both expected and unexpected that can affect the business cycle. Which of the following is NOT one of these factors?
A Business investments
Interest rates and credit
supply and demand
External shocks
A laptop computer purchased by an accounting firm is considered to be....
Consumption spending
Investment spending
Private saving
A transfer of income
The main economic variables that affect business cycles include all of the EXCEPT......
Interest rates
External events
Personal savings levels
Business Investment levels
Which of the following economic activities does NOT illustrate the limitations of calculating GDP?
Non-Market Activities
Negative externalities
The underground economy
Depreciation
Which of the following transactions would be included in the nation's gross domestic product?
A college student buys a used textbook from his roomate.
A construction company purchases lumber to use in building a new home
A college student has a pizza delivered to her dorm room
A group of high school students volunteer to rake leaves at an assisted living facility for senior citizens.
Which of the following is an example Intermediate good?
A pair of shoes at the mall
Lumber purchased to build a house
A fee paid to real estate agent for the sale of a house
A new car
Which of the following is included in GDP
The purchase of a 100 shares
The purchase of a 1965 Ford Mustang
Social Security payments from the US government to retired people
The purchase of a ticket to a Lady Gaga concert
An Italian company opens a shoe factory in the US. The production from this shoe company is included in.....
The Italian GDP
The US GDP
Both Italian and US GDP
Both the Italian and US GDP split 50/50
Which of the following is the best definition of GDP?
The total dollar value of all final goods and services produced in the economy
NO
NO
No
What is a business cycle?
A period of increased economic growth
A period of economic growth followed by economic contraction
The Amount of time it takes a business to produce its products
A dangerous time for all businesses
All of the following are examples of a durable good EXCEPT a...
Refrigerator
Pair of sneakers
DVD player
Sofa
What is the best measure of nation's standard of living
Real GDP per capita
Population
Savings
National income
What is a recession?
A period when GDP is negative for at least 6 months
A long and severe depression
A very mild and short expansion
A period when the economy is neither expanding nor contracting
Recessions...
Are a thing of the past
A very severe depressions
Are marked by a sustained decline in output
Are typically accompanied by falling unemployment
Business investment, interest rates and credits, consumer expectations, and external shocks are the flour factors that affect.....
Gross National Product
GDP
The business cycle
Real GDP
Stagflation is a combination of...
Increasing unemployment and increasing inflation
Decreasing unemployment and decreasing inflation
Increasing unemployment and decreasing inflation
Decreasing unemployment and increasing inflation
An economy's gross domestic product is made up of....
Consumption, saving, Investment and government spending
Consumption, investment, government spending and net exports
Consumption saving inventories financial markets and government spending
Consumption and saving
Which one of the following transactions will be included in the official measurement of GDP?
Brandon sold his house at a huge gain
Brock illegally downloaded movies to his laptop
Memrie won the state lottery
Olivia bought the new iPhone 14.
Which of the following would NOT be a part of GDP?
New residential construction
used care sales
A new truck purchased by a builder contractor
Telephone service purchased for a home
An example of investment spending is...
The amount of funds raised by the government in the financial markets
The purchase of government bonds by a private household
The purchase of a freezer by an ice-cream parlor
The purchase of stock shares by a mutual fund
A recession leads to all of the following EXCEPT...
Higher unemployment
Reduced output
Reduced income and living standards
Higher employment
In a typical business cycle the business cycle trough is immediately followed by the...
Business cycle peak
Recession
Depression
Expansion
When an economy is in an expansion, unemployment....
Tends to fall and overall prices tend to rise
Tends to fall and overall prices tend to fall
Tends to rse and overall prices to fall
Tend to rsie and overall prices tend to rise
An increase in aggregate demand in seen as an....
Shift to the right in the aggregate demand curve
Downward movement along the aggregate demand curve
Upward movement along the aggregate demand curve
Shift to the left in the aggregate demand curve
A decrease in aggregate demand is seen as an....
Downward movement along the aggregate demand curve
Upward movement along the aggregate demand curve
Shift to the left in the aggregate demand curve
Shift to the right in the aggregate demand curve
