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Econ- Chapter 13, Section 1 And 2
Test Description: Inflation GDP
Instructions: Answer all questions to get your test result.
1) The total dollar value of all final goods and services produced in the nation during a single year is the:
A
HCS
B
NDP
C
GPD
D
GDP
2) Which of the following is NOT a factor when calculating the gross domestic product:
A
Investment
B
Stocks
C
Government
D
Consumers
3) Which of the following is NOT an example of a government transfer payment:
A
Food stamps
B
Unemployment Compensation
C
Bank Transfers
D
Social Security
4) Income remaining for people to spend or save after all taxes have been paid is called:
A
Disposable personal income
B
Undisposable personal income
C
National income
D
Personal income
5) A prolonged rise in the general price level of final goods and services is called:
A
Deflation
B
Preflation
C
GDP
D
Inflation
6) The real goods and services that money can buy is called:
A
Purchasing power
B
Relegated power
C
Consumer power
D
Consumer sovereignty
7) A prolonged decline in the general price level of goods and services is called:
A
Inflation
B
GDP
C
Preflation
D
Deflation
8) Which of the following is NOT a way that the government measures inflation:
A
GDP
B
CPI
C
PPI
D
GOP
9) The GDP price deflator removes what from the GDP so that the overall economy in one year can be compared to another year:
A
Preflation
B
Inflation
C
Deflation
D
GDP
10) Measure of the average of prices of a specified set of goods and services purchased by typical consumers:
A
Base year
B
Consumer price index
C
Producer price index
D
Market basket
*select an answer for all questions
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