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