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ECON - Unit 4A
Test Description: SSEMA1a
Instructions: Answer all questions to get your test result.
1) What is the study of the economic decisions made by countries and their governments?
A
microeconomics
B
####
C
###
D
macroeconomics
2) Economic growth, price stability, and full employment are:
A
macroeconomic goals
B
####
C
departments in the FED
D
the three main elements of monetary policy
3) The total value of all final goods and services produced by a country in a year... is called:
A
per capita GNP
B
gross domestic product (GDP)
C
gross national product (GNP)
D
per capita GDP
4) Consumer spending, investment, government spending, and net exports represent:
A
the value of GDP
B
the goals of the FED
C
the value of GNP
D
####
5) Financial transactions, secondhand sales, and intermediate goods:
A
####
B
###
C
are included in GDP
D
are NOT included in GDP
6) The Consumer Price Index (CPI) is used to measure:
A
per capita GDP
B
inflation
C
GDP
D
the value of the Stock Market
7) Housing, transportation, medical care, and recreation are key categories in:
A
the CPI
B
####
C
the unemployment rate
D
deflation
8) Inflation is:
A
####
B
an increase in the price level over time
C
a decrease in the price level over time
D
###
9) When inflation occurs:
A
the purchasing power of the dollar goes up
B
###
C
the purchasing power of the dollar goes down
D
####
10) The Real GDP is established when:
A
the FED becomes involved
B
the GDP is adjusted for inflation
C
####
D
the GDP is divided by the population
11) A small amount of inflation is considered:
A
####
B
healthy
C
unhealthy
D
###
*select an answer for all questions
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