Econ U4: Economic Indicators

Quiz
•
Financial Education
•
10th Grade
•
Easy
+1
Standards-aligned
Mathew Owen
Used 1+ times
FREE Resource
29 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does GDP stand for?
Gross Domestic Product
General Domestic Product
Gross Development Product
General Development Product
Tags
DOK Level 1: Recall
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Calculate the GDP for the following Economy: Last year, they sold 100 boxes of paperclips at $1 each, 500 pairs of scissors for $5 each, and 250 boxes of glue sticks for $10 each.
$5,100
$510
$1,000,000
$2,500
Answer explanation
To calculate the GDP, multiply the quantity sold by the price for each item and sum them up: (100*1) + (500*5) + (250*10) = $5,100. Therefore, the correct answer is $5,100.
Tags
DOK Level 1: Recall
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of unemployment occurs when workers are between jobs?
Frictional Unemployment
Structural Unemployment
Cyclical Unemployment
Seasonal Unemployment
Tags
DOK Level 1: Recall
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which tool is commonly used to measure inflation?
Consumer Price Index (CPI)
Gross Domestic Product (GDP)
Unemployment Rate
Business Cycle
Tags
DOK Level 1: Recall
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does CPI measure inflation?
The President sets a number and the markets adjust.
They monitor the stock market to look for significant price increases.
It is assessed through a survey of random shoppers in select locations across the country.
It takes the average price of a "basket" of consumer goods and services compared to the previous measurement.
Tags
DOK Level 1: Recall
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What phase of the business cycle is characterized by increasing economic activity and employment past the point of the precious Peak?
Expansion
Recovery
Contraction
Trough
Tags
DOK Level 1: Recall
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of GDP?
The total value of all goods and services produced within a country in a given period
The total value of all goods and services produced by a country's residents
The total value of all goods and services consumed within a country
The total value of all goods and services exported by a country
Tags
DOK Level 1: Recall
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