Econ- Chapter 13 Question Preview (ID: 60297)


GDP. TEACHERS: click here for quick copy question ID numbers.

When the nation's output (real GDP) does not grow for at least six months, economists speak of a:
a) Contraction
b) Trough
c) Recession
d) Depression

The business cycle period when economic activity slows down is called a:
a) Recession
b) Contraction
c) Trough
d) Depression

These usually change at the same time as changes in overall business activity:
a) Economic indicators
b) Leading indicators
c) Lagging indicators
d) Coincident indicators

A prolonged rise in the general price level of goods and services is called:
a) Inflation
b) Deflation
c) Depreciation
d) Deflation

The goods and services that money can buy; determines the value of money:
a) National income accounting
b) Consumer price index
c) Purchasing power
d) Producer price index

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) Consumer price index
c) National income accounting
d) GDP

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) National income
d) Personal income

The difference between what a nation sells to other countries and what it buys from other countries is its:
a) Trade surplus
b) Foreign trade
c) Net imports
d) Net exports

Statistics that measure variables in the economy are called:
a) Leading indicators
b) Coincident indicators
c) Economic indicators
d) Lagging indicators

Total dollar value of all final goods and services produced in a nation during a single year:
a) GDP
b) CPI
c) PPi
d) GOP

Which of the following is NOT one of the four main forces economists tend to link business fluctuations to:
a) Business investment
b) Government activity
c) External factors
d) Business cycle

When businesses anticipate an economic downturn, they cut back on capital investment, which could lead to a:
a) Revolution
b) Expansion
c) Recession
d) Innovation

The government affects business activity in two ways:
a) Policies on taxing and spending; control over the money supply
b) Control over transfer payments; regulates interstate commerce
c) Homeland security; regulation of trade
d) Use of tariffs; revenue sharing

An example of a factor outside a nation’s economy that can influence the business cycle is:
a) Alien invasion
b) Standard of living
c) War
d) Global warming

An example of a psychological factor that can influence the business cycle is:
a) July 4th
b) McDonald's Dollar Menu
c) Casinos
d) 9/11

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