Macro #1: GDP

The study of large-scale economic factors dealing with the economy of a nation, region, or of the world as a whole is called:

• Microeconomics

• Macroeconomics

• GDP

• Supply & demand

No single economic measure is sufficient to diagnose the health of an economy:

• True

• False

GDP is a macroeconomic tool which measures:

• The dollar value of all final goods and services produced within a country’s borders in a given year

• the percentage of unemployed workers in the total labor force.

• a general increase in prices and fall in the purchasing value of money.

• the average period that a person may expect to live.

GDP stands for:

• gross domestic product

• general domestic production

• George Da President

• good dinner pizza

The GDP of the United States is the __________ in the entire world at >$21 trillion.

• highest

• lowest

• dumbest

• best smelling

Which one of these is NOT a limitation of GDP as an economic health measure?

• Government spending

• Nonmarket activity

• Underground economy

• Quality of life

SELECT ALL THAT APPLY: Which of the following are other measures of economic health?

• Stock market

• Inflation & affordability

• Unemployment

• Consumer spending