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