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GDP, Business Cycle, And Standard Of Living
Test Description: Econ test
Instructions: Answer all questions to get your test result.
1) Exports are goods and services that are produced in other countries, then brought to the United States in trade.
A
False
B
True
2) GDP is the value of all final goods and services produced within a countries borders in a given period of time.
A
True
B
False
3) Government spending, such as food assistance, Social Security, and Medicaid are included in GDP.
A
False
B
True
4) A business cycle will affect all states, people, and businesses equally.
A
False
B
True
5) GDP does not include household production, such as a garden producing vegetables or sewing your own clothing.
A
True
B
False
6) Which of the following is NOT included in GDP?
A
person buying a new stereo
B
business increasing inventory
C
black market sales of ivory
D
government funding schools
7) What is GDP per capita?
A
GDP + Population
B
GDP X Population
C
GDP / Population
D
GDP - Population
8) During a recession, interest rates are...
A
rising
B
starting to rise
C
falling
D
reaching its highest point and then falling
9) During a depression, consumer spending is...
A
rising
B
falling
C
at its lowest
D
rising on all items
10) What are fluctuations reflecting the rise and fall of economic activity relative to long term growth trend in the economy?
A
business cycle
B
none of the answers are correct
C
gross domestic product
D
consumer price index
11) What best describes a developed nation?
A
high poverty rate, little political freedom, high unemployment
B
none of the given responses describe a developed nation
C
low life expectancy, slightly industrialized, moderate infrastructure
D
high incomes, industrialization, high literacy rate
12) What best describes a developing nation?
A
none of the given responses describe a developed nation
B
high incomes, industrialized, high literacy rate
C
high poverty rate, little political freedom, high unemployment
D
low life expectancy, slightly industrialized, moderate infrastructure
13) What best describes an underdeveloped nation?
A
high poverty rate, low life expectancy, high unemployment
B
high incomes, industrialized, high literacy rate
C
low life expectancy, slightly industrialized, moderate infrastructure
D
none of the given responses describe an underdeveloped nation
14) Indicate which component of GDP is affected in this scenario, A business that sells lamps increases their current inventory by 5,000 lamps
A
Net Exports
B
Consumption
C
Investment
D
Government
15) Indicate which component of GDP is affected in this scenario, An individual spends $150 on a new cell phone
A
Government
B
Not Counted in GDP
C
Investment
D
Consumption
16) Indicate which component of GDP is affected in this scenario, A Chinese company purchases rubber valves from a US based company
A
Government
B
Investment
C
Consumption
D
Net Exports
17) Indicate which component of GDP is affected in this scenario, A single mother receives $360 a month in food stamps.
A
Net Exports
B
Government
C
Not counted in GDP
D
Investment
18) Indicate which component of GDP is affected in this scenario, A school receives funding from the Dept. of Education
A
Investment
B
Not counted in GDP
C
Consmption
D
Government
19) Indicate which component of GDP is affected in this scenario, A teenager purchases their first car, a used Prius
A
Government
B
Not counted in GDP
C
Investment
D
Consumption
20) Indicate which component of GDP is affected in this scenario, Starbucks purchases a new coffee machine to keep up with business.
A
Not counted in GDP
B
Government
C
Net Exports
D
Investment
*select an answer for all questions
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