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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
NDP
B
GPD
C
HCS
D
GDP
2) Which of the following is NOT a factor when calculating the gross domestic product:
A
Government
B
Stocks
C
Consumers
D
Investment
3) Which of the following is NOT an example of a government transfer payment:
A
Food stamps
B
Bank Transfers
C
Unemployment Compensation
D
Social Security
4) Income remaining for people to spend or save after all taxes have been paid is called:
A
Personal income
B
Undisposable personal income
C
National income
D
Disposable personal income
5) A prolonged rise in the general price level of final goods and services is called:
A
GDP
B
Preflation
C
Inflation
D
Deflation
6) The real goods and services that money can buy is called:
A
Consumer power
B
Purchasing power
C
Relegated power
D
Consumer sovereignty
7) A prolonged decline in the general price level of goods and services is called:
A
Inflation
B
Deflation
C
GDP
D
Preflation
8) Which of the following is NOT a way that the government measures inflation:
A
GDP
B
PPI
C
GOP
D
CPI
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
GDP
B
Preflation
C
Deflation
D
Inflation
10) Measure of the average of prices of a specified set of goods and services purchased by typical consumers:
A
Consumer price index
B
Base year
C
Market basket
D
Producer price index
*select an answer for all questions
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