WorksheetsIndicators of Economic Performance
Total questions: 15
Worksheet time: 10mins
GDP stands for
(a)
Gross Domestic Product is the total value of goods produced and services provided in a country during 6 months' period.
True
False
What is the accepted target growth of GDP in Australia?
3% - 4% per year
4% - 5% per year
5% - 6% per year
6% - 7% per year
Apart from GDP what are two other major indicators of economic performance?
Unemployment
Sustainability
Inflation
Literacy rate
Economic growth is best defined as an increase in the
capacity of the economy to satisfy more wants.
capacity of the economy to produce resources.
volume of goods produced in an economy.
money supply in an economy.
What kinds of things are hidden by GDP
cost of living
economic growth
life expectancy
pollution
Inflation is
an average decrease in the general prices of goods and services
an increase in the purchasing power
an average rise in the general level of prices of goods and services
None of the above
How does high inflation affect people's spending habits?
They spend their money as quickly as possible
They spend more money
They spend the same amount
They spend less money
What is the Consumer Price Index (CPI)?
It tracks the changes in prices of a selection of goods and services from year to year
It is the average cost of all goods and services that are bought in a year
It is the value of all goods and services produced in a country in one year.
It tracks the changes in prices of all imports that are sold in a country in one year.
What is the purpose of the Consumer Price Index (CPI)?
To analyze stock market trends
To measure changes in the price level of consumer goods and services
To predict the weather patterns
To calculate the unemployment rate
Inflation is determined by
comparing the economic growth between two different years
taking prices from different years to calculate the rate of change
adding up the value of all goods and services produced in a year
subtracting the costs of items from the previous year
Define the Unemployment Rate.
The Unemployment Rate is the percentage of the total labor force that is unemployed and actively seeking employment.
The Unemployment Rate is the percentage of the total labor force that is studying and actively seeking employment.
The Unemployment Rate is the percentage of the total labor force that is employed and actively seeking employment.
The Unemployment Rate is the percentage of the total labor force that is retired and actively seeking employment.
