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Quiz: GDP, Unemployment, & Inflation

Total questions: 20

Worksheet time: 11mins

Name
Class
Date
1.

Jaelyn is laid off her job due to a down-turn in the economy (i.e. a recession).

a)

Cyclical Unemployment

b)

Structural Unemployment

c)

Seasonal Unemployment

d)

Frictional Unemployment

2.

The Kia car maker just replaced James with a robot that can do the job 5 times as fast. James is now unemployed.

a)

Frictional Unemployment

b)

Cyclical Unemployment

c)

Technological Unemployment

d)

Seasonal Unemployment

3.

Brian is a life guard at the beach. Because it is now winter, he is currently not working and looking for another job.

a)

Frictional Unemployment

b)

Structural Unemployment

c)

Seasonal Unemployment

d)

Cyclical Unemployment

4.

Who among the following would be considered as unemployed?

a)

A graduating student of legal age to work

b)

An entrepreneur in the process of starting a new business

c)

A secretary who has resigned from work & looking at job ads

d)

A housewife running 2 internet shops at the same time

5.

Most countries try to maintain an inflation rate of ______ per year.

a)

One percent or less

b)

Two to three percent

c)

Four to five percent

d)

Six to seven percent

6.

Which of the following is NOT one of the components of Gross Domestic Product (GDP)?

a)

Consumption

b)

Producer Price Index

c)

Government spending

d)

Investment

7.

Which of the following causes of inflation is often described as “too much money chasing too few goods”?

a)

Demand-pull inflation

b)

Cost-push inflation

c)

Demand-push inflation

d)

Cost-pull inflation

8.

When inflation spirals out of control, it is called ​ (a)   (when prices increase by more than 50% per month).

Choose from the below words
hyperinflation
deflation
inflation
stagflation
9.

Which of the following is an example of inflation?

a)

The price of an iPhone rises as demand increases.

b)

The price of a TV remains constant as quality improves.

c)

The average price of a laptop decreases as the money supply increases.

d)

The average price of groceries increases following an increase in the money supply.

10.
When inflation is high the _______________of the dollar decreases
a)
cost value
b)
purchasing power
c)
importance
d)
validity
11.
GDP that is adjusted for inflation
a)
real GDP
b)
nominal GDP
c)
price level
d)
net national product
12.
What causes cost push inflation
a)
An increase in demand for goods and services
b)
An increase in supply
c)
A rise in production costs passed on to consumers
d)
A fall in the price of imports
13.
What causes demand pull inflation?
a)
rise in price due to a decrease in supply
b)
a rise in price level due to an increase in consumption
c)
a rise in price due to an increase in the cost of production
d)
a decrease in price due to a decrease in supply
14.

_______ occurs when people are in between jobs (i.e. exiting and reentering the labor force).

a)

Cyclical unemployment

b)

Structural unemployment

c)

Frictional unemployment

d)

Seasonal unemployment

15.

There are levels of unemployment. Someone who was looking for work but gave up trying is __

a)

a high school dropout

b)

discouraged worker

c)

underemployed

d)

a quitter

16.
Honda has an assembly plant for Civics in Ohio. The production of U.S.-made Civics is
a)
added to U.S. GDP. 
b)
added to Japan's GDP because Honda is a Japanese company. 
c)
not included in either the U.S. or Japanese GDP. 
d)
added to U.S. GDP only if the Civic is sold in the United States in the year it is produced. 
17.
Which of the following is a final good or service? 
a)
tires purchased by Ford for use on one of their SUV's 
b)

the new iPhone you are using to play this game.

c)
the hair gels used by a hair stylist at the local hair salon 
d)
the taco shells purchased by Taco Bell for use in their tacos 
18.
Net exports of goods and services is defined as equal to
a)
the value of exports of goods and services minus the value of imports of goods and services.
b)
U.S. sales of goods and services to the rest of the world. 
c)
U.S. purchases of goods and services from the rest of the world.
d)
the value of imports of goods and services minus the value of exports of goods and services. 
19.
When calculating GDP, purchases of used goods are
a)
included at the original price.
b)
included by taking the original price and subtracting the (current) used price.
c)
included at the (current) used price. 
d)

Second Hand and not included.

20.
Real GDP measures the value of goods and services produced in a given year valued using
a)
base year prices.
b)

inflated prices.

c)
future prices.
d)
real rather than nominal prices.

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