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Measuring the Economy (Grades 11-12)

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Measuring the Economy

Which of the following is the best measure of the production or output of an economy?
  1. Consumer price index
  2. Unemployment rate
  3. Gross domestic product
  4. Prime rate
  5. Index of leading indicators
In the circular flow diagram, which of the following is true in resource market?
  1. Households buy resources from business firms
  2. Households sell products to business firms
  3. Households sell resources to business firms
  4. Business firms sell goods and services to households
  5. Business firms sell resources to households
The largest dollar amount of gross domestic product is
  1. Rental payments
  2. Government expenditures on goods and services
  3. Profits
  4. Net interests
  5. Wages and salaries to employees
Which of the following purchases is included in the calculation of the gross domestic product?
  1. A used economics textbook from a bookstore
  2. New harvesting equipment for the farm
  3. 1000 shares of stock in a computer firm
  4. A car produced in Germany
  5. Government treasury bonds issued by the Federal Reserve
In the gross domestic, the largest dollar amount is
  1. Consumer spending
  2. Rental payments
  3. Net exports
  4. Gross private domestic investment
  5. Government purchases of goods and services
If the prices index in a country were 100 for the year 2000 and 120 for the year 2003 and nominal gross domestic product in 2003 were $480 billion, then real gross domestic product for 2003 would be
  1. About $360 billion
  2. About $380 billion
  3. About $400 billion
  4. About $600 billion
  5. Indeterminable
Which of the following people would be considered unemployed?
  1. A person who quits work to care for aging parents
  2. A person who stayed home to raise kids and now started looking for work
  3. A person who quits a job to go back to school full time
  4. A person who is qualified to teach bit is driving a taxi
  5. A person who works two part time jobs but is looking for a full time job
Which of the following would be an example of an intermediate good or service?
  1. A calculator purchased by a college student
  2. Gasoline purchased by an insurance agent visiting a client
  3. A house purchased by a family with four children
  4. A car purchased by a student's parents and given to the student
  5. Tuition paid by a student at a state university
The CPI tends to overstate true changes in the cost of living for which of the following reasons?
I. The index does not take into account a change in quality
II. Consumers change purchase patterns as prices change
III. The CPI includes only domestically produced goods
IV. Consumers often buy at discount rather than retail prices
  1. I only
  2. I and II only
  3. I, II, and III only
  4. I, II, and IV only
  5. I, III, III, and IV
Which of the following is true about the natural rate of unemployment?
  1. It can vary over time
  2. It is 2 percent or less of the civilian labor force
  3. It is equal to the structural unemployment rate
  4. It allows for some frictional and cyclical unemployment
  5. It is full-employment rate minus the cyclical unemployment rate

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