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Econ- Chapter 13
Test Description: GDP
Instructions: Answer all questions to get your test result.
1) Total dollar value of all final goods and services produced in a nation during a single year:
A
PPi
B
GDP
C
CPI
D
GOP
2) The difference between what a nation sells to other countries and what it buys from other countries is its:
A
Net exports
B
Foreign trade
C
Net imports
D
Trade surplus
3) Statistics that measure variables in the economy are called:
A
Coincident indicators
B
Lagging indicators
C
Economic indicators
D
Leading indicators
4) To obtain this you must subtract the total value lost through depreciation on machines and equipment from a nation's total output (GDP):
A
National income
B
Personal income
C
Net exports
D
Net domestic product
5) These usually change at the same time as changes in overall business activity:
A
Leading indicators
B
Coincident indicators
C
Economic indicators
D
Lagging indicators
6) A prolonged rise in the general price level of goods and services is called:
A
Inflation
B
Depreciation
C
Deflation
D
Deflation
7) The goods and services that money can buy; determines the value of money:
A
National income accounting
B
Consumer price index
C
Producer price index
D
Purchasing power
8) A measure of the change in price over time of a specific group of goods and services used by the average household:
A
National income accounting
B
Consumer price index
C
GDP
D
Producer price index
9) The business cycle period when economic activity slows down is called a:
A
Trough
B
Recession
C
Depression
D
Contraction
10) When the nation's output (real GDP) does not grow for at least six months, economists speak of a:
A
Trough
B
Contraction
C
Recession
D
Depression
11) Which of the following is NOT one of the four main forces economists tend to link business fluctuations to:
A
Government activity
B
Business investment
C
External factors
D
Business cycle
12) When businesses anticipate an economic downturn, they cut back on capital investment, which could lead to a:
A
Revolution
B
Recession
C
Innovation
D
Expansion
13) The government affects business activity in two ways:
A
Control over transfer payments; regulates interstate commerce
B
Policies on taxing and spending; control over the money supply
C
Use of tariffs; revenue sharing
D
Homeland security; regulation of trade
14) An example of a factor outside a nation’s economy that can influence the business cycle is:
A
War
B
Standard of living
C
Alien invasion
D
Global warming
15) An example of a psychological factor that can influence the business cycle is:
A
July 4th
B
Casinos
C
9/11
D
McDonald's Dollar Menu
*select an answer for all questions
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