Macroeconomics Quiz

What does GDP measure?

• Total income and total expenditure

• Total savings and total investments

• Total production and total consumption

• Total exports and total imports

What does the Consumer Price Index (CPI) measure?

• The price of a fixed basket of goods

• The unemployment rate

• The total income of the economy

• The GDP deflator

Which of the following is NOT a category of expenditure in GDP?

• Consumption

• Investment

• Government purchases

• Savings

What is the unemployment rate?

• The percentage of the labor force that is unemployed

• The total number of unemployed individuals

• The total number of employed individuals

• The percentage of the population that is employed

What is the primary source of economic data for GDP?

• International organizations

• Private sector reports

• Government surveys

• Household surveys

What is the GDP deflator?

• A measure of the overall level of prices

• A measure of unemployment

• A measure of total imports

• A measure of total exports

Which of the following is included in the calculation of GDP?

• Transfer payments

• New goods production

• Used goods sales

• Stock market transactions

What does the term 'value added' refer to?

• The difference between sales and the cost of intermediate goods

• The total revenue of a company

• The total sales of a company

• The total profit of a company

What is the labor-force participation rate?

• The percentage of the unemployed population

• The percentage of the adult population that is in the labor force

• The total number of employed individuals

• The percentage of the adult population that is employed

What is the main purpose of the Bureau of Labor Statistics?

• To regulate the economy

• To collect labor market data

• To compute GDP

• To monitor inflation