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