Economic Indicators Quiz

Why are intermediate products, second hand sales, and non-market transactions excluded from the GDP?

• because only industries found in all nations are counted in the GDP

• because these products and services are not common

• because these have lower prices

• because they are not new production/service sales in a nation

Which of the following are NOT true about the Unemployment Rate?

• many households are surveyed to figure this rate

• is a percentage of the labor force that is looking for a job

• is figured out every month

• includes stay at home moms, retired people and others that could have a job

Why is the GDP Per Capita a good figure to look at?

• because it also shows the population growth rate of a nation

• because it allows for a more accurate comparison of living standards between different nations

• because it allows for a comparison of the different capital cities which are often symbolic of a nation’s success

• because it includes the unemployment rate in its measure

What is the definition of Current GDP?

• The average dollar value of products/services per person of a nation

• The dollar value of products/services produced within a country's border in a year and NOT adjusted for inflation

• The dollar value of products/services produced within a country's border in a year and adjusted for inflation

• The total value of exports and imports

GDP per Capita is defined as:

• The dollar value of products/services produced within a country's border in a year and adjusted for inflation

• The dollar value of products/services produced within a country's border in a year and NOT adjusted for inflation

• The average dollar value of products/services per person of a nation

• The total value of exports and imports

Which of the following is NOT an influence on the business cycle?

• External shocks

• Speculation and "Bubbles"

• Fiscal policy of the government

• Net national income

What phase of the business cycle did we experience in 2021Q4?

• Ceiling

• Floor

• Peak

• Trough

What phase of the business cycle did we experience in 2021Q3?

• Expansion

• Contraction

• Rise

• Fall

What phase of the business cycle did we experience in 2022Q1?

• Expansion

• Contraction

• Rise

• Fall

Why are population projection tools useful in making economic decisions?

• because they allow businesses and the different levels of govt to calculate production and infrastructure needs

• because they allow the different levels of govt to prevent high poverty and unemployment

• because they allow individuals to make better personal finance decisions