WorksheetsEconomics Unit 3 test
Total questions: 17
Worksheet time: 46mins
What is the main economic indicator that economists look at to analyze the state of a nation's economy?
Net National Product
Gross National Income
Greater Domestic Production
Gross Domestic Product
What is the formula to calculate GDP? (no spaces)
(a)
Match the following expenses to their correct categories.
Consumption
Ms. Zgabay buys milk at the store.
Investment
A farmer buys a dairy cow.
Government spending
The Department of Transportation maintains the roads that transport dairy.
Net exports
The farmer sells his milk to a customer in Canada.
Which type of GDP does not account for rising costs or inflation?
Real
Nominal
Calculated
Approximate
Which of these would not be included in America's GDP calculations?
Fabrics made in China and sold in Texas
Computers made in the USA and sold in Canada
A professional nanny that reports income to the IRS
Home repairs that you hire someone to complete at your house
Label each stage of the business cycle correctly.
The United States has been able to avoid entering a stage of (a) , which is six months in a row of a declining GDP.
Reorder the following based on the order that they happen when it comes to predicting business cycles.
Leading indicators
Coincident indicators
Lagging indicators
Which word is defined as "individuals and businesses producing a narrow range of products"?
Economic interdepence
Gross domestic product
Exporting
Specialization
If the United States produces airplane parts and sells them in France, this is considered an ________ of the United States.
Import
Export
If Mexico grows avocados and sells them in the United States, this is considered an ___________ of the United States.
Import
Export
Tax on imported goods is known as
Quota
Tariff
Embargo
Licensing
Match the following types of trade barriers to their definitions.
Voluntary Export Restraint
A country chooses to limit an export by appealing to companies
Embargos
A law cutting off most or all trade with a country
Quotas
Limits on the amount of a product that can be imported
Informal Trade Barriers
Naturally occuring barriers like land and health regulations
Tariffs
Fees charged for goods being brought into a country
Put each Regional Trade Agreement in the area that they have authority in.
During recessions all of the following usually happen EXCEPT
inflation decreases
unemployment increases
GDP decreases
GDP increases
Intermediate goods, used goods, and illegal goods are ____________ in a countries Gross Domestic Product(GDP).
included
excluded
GDP per capita is found by dividing a country's GDP by it's
population.
average birth rates.
number of households.
