Economic Concepts Quiz: Unemployment & GDP

Cyclical unemployment results from:

Economic growth is best defined as an increase in:

By summing the values added at each stage in the production of some good we obtain:

The type of unemployment associated with recessions is called:

Cost-push inflation may be caused by:

The full employment unemployment rate means an unemployment rate of about:

Which of the following best defines national income?

The largest item in the income or earnings and costs approach to GDP is:

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

Which of the following would be included in the calculation of the GDP?

Which of the following would be counted as investment when calculating GDP?

If actual GDP is $500 billion and there is a negative GDP gap of $10 billion, potential GDP is:

A recession is a period in which:

Demand-pull inflation:

Real GDP measures:

A price index is:

A nation's gross domestic product (GDP) is:

In product markets:

In resource or factor markets:

Which of the following economic indicators is the best measure of production or output of an economy?

The market value of all final goods and services produced in the economy in a given year is the:

Which of the following would cause the unemployment rate to increase?

The largest item in the expenditure or flow of a product approach to GDP is:

Market economies have been characterized by:

If the consumer price index falls from 120 to 116 in a particular year, the economy has experienced:

The unemployment rate is the:

Final goods and services refers to:

Historically, real GDP has increased less rapidly than nominal GDP because:

Nominal GDP is:

Nominal GDP was $130 and $150 in Years 1 and 2 respectively. Real GDP was $100 and $110 in Years 1 and 2 respectively. On the basis of this information we can conclude that:

The type of unemployment that affects workers who have worked during the past year but are unemployed during other parts of the year due to changes in the weather is called:

Unemployment involving mismatches between job seekers and job openings due to lack of skills or education is called:

Unemployment that rises in a recession and may be caused by too little spending in the economy is called:

Unemployment that includes people who are temporarily between jobs is called:

Real output in the economy increasing and the unemployment rate declining is termed:

The stage of the economy where real output is high and unemployment relatively low is called:

Real output in the economy decreasing and the unemployment rate rising is termed:

The lowest point of real GDP reached during a business cycle is known as:

An economic situation where the level of output falls to especially low levels and unemployment climbs to very high levels is termed:

The normal unemployment rate typically ranges between:

GDP is the market value of:

GDP is considered the most important measurement of:

GDP only counts:

Nation income accounting measures include:

GNP includes profits earned by US owned companies overseas and income earned by US citizens working abroad, but it does not include profits earned by foreign owned companies in the US or income earned by foreigners working in this country.

The formula for calculating the price index is:

A price index is used to measure:

Inflation is defined as a:

Unanticipated inflation affects:

The business cycle measures:

Nominal GDP is defined as:

Unemployment occurs when:

The unemployment rate represents:

PPI stands for:

CPI stands for:

The prime rate is defined as:

Economic growth exists when:

GDP and GNP do not include:

National income is an estimate of:

Personal income is defined as:

DPI stands for: