Economic Measures and Fiscal Policy

Front

The most important measure used in national income accounting is called...

Back

Gross Domestic Product (GDP)

Front

All spending by households on durable goods, non-durable goods, and services is called...

Back

Consumption

Front

Which is not a requirement for a good or service to be included in GDP?
Be final rather than intermediate, Must be produced during the current time period, Must be produced within the nation's borders, Can be made in foreign countries as long as it is produced by a U.S. company

Back

Can be made in foreign countries as long as it is produced by a U.S. company

Front

The two forms of GDP are called nominal GDP and...

Back

real GDP

Front

Which below is an example of a nonmarket activity? Performing one's own home repairs, Building cars in a factory, Selling Insurance for a company, Stocking shelves at a local grocery store

Back

Performing one's own home repairs

Front

Which activity below belongs to the Underground Economy? Cooking, Cleaning, Volunteering, Smuggling

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Smuggling

Front

What percentage of people live in poverty in the United States?

Back

more than 10 percent

Front

A series of expanding and contracting economic activities is known as...

Back

The Business Cycle

Front

Economic growth is defined as...

Back

An increase in a nation's real GDP

Front

#1 on the Business Cycle represents...

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Peak