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Chapter 2 - Section 2.1
Test Description: Review
Instructions: Answer all questions to get your test result.
1) If ____________ goods were counted as a part of gross domestic product (GDP), the value of these goods would be counted twice.
A
final
B
capital
C
natural
D
intermediary
2) Which of the following would NOT be included in GDP?
A
buttons on denim jeans
B
personal cell phone
C
pencils for a classroom
D
vans for a floral company
3) The main cause of unemployment is _____________________.
A
reduced demand for goods/services
B
lower GDP
C
reduced unemployment rate
D
increase in personal income
4) Which of the following is a non-durable good?
A
coat
B
bike
C
pizza
D
table
5) The _________________________ is the portion of people in the labor force who are able and willing to work but are unable to find work.
A
unemployment rate
B
interest rate
C
GDP per capita
D
productivity rate
6) Which of the following is a durable good?
A
cruise ship
B
manicure
C
crab cakes
D
cotton candy
7) ___________ is a way to compare the economy of one country to the economy of another country.
A
GDP
B
Retail sales
C
GDP per capita
D
Productivity
8) All of the following are considered to be out of the labor force EXCEPT:
A
the disabled
B
those too lazy to work
C
the elderly
D
those under 16
9) Personal income (the money we use to buy goods and services) refers to all of the following EXCEPT:
A
government payments to individuals
B
income taxes
C
salaries and wages
D
investment income (stocks, bonds, rental properties)
10) Higher productivity in a worker can be achieved by which of the following:
A
decreasing hours worked
B
increasing training
C
decreasing training
D
increasing hours worked
11) In 2014, which country had the highest GDP per capita:
A
Congo
B
Liechenstein
C
United States
D
Quatar
12) Retail sales include:
A
inventory of jeans for a clothing store
B
school supplies bought by students
C
a business taking out a loan
D
taxes collected
*select an answer for all questions
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