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Measuring Economic Performance

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Questions and Answers

Which of the following is used to measure the overall performance of an economy?

Inflation

Gross Domestic Product (GDP) (correct)

Business Cycles

Unemployment

What does economic growth refer to?

A decrease in the unemployment rate

A decrease in the inflation rate

An increase in the production of goods and services (correct)

An increase in the size of the population

Which of the following is a characteristic of business cycles?

Steady and consistent economic growth

Periods of expansion and contraction in economic activity (correct)

Constant high levels of unemployment

Stable and low inflation rates

Which of the following is NOT a component of Gross Domestic Product (GDP)?

Exports Signup and view all the answers

What is the term used to describe a period of declining economic activity, characterized by a decrease in GDP, and usually accompanied by a rise in unemployment?

Recession Signup and view all the answers

What is the term used to describe a sustained increase in the production of goods and services in an economy over time?

Economic growth Signup and view all the answers

Measuring Economic Performance

Choose a study mode

Podcast

Questions and Answers

Which of the following is used to measure the overall performance of an economy?

What does economic growth refer to?

Which of the following is a characteristic of business cycles?

Which of the following is NOT a component of Gross Domestic Product (GDP)?

What is the term used to describe a period of declining economic activity, characterized by a decrease in GDP, and usually accompanied by a rise in unemployment?

What is the term used to describe a sustained increase in the production of goods and services in an economy over time?

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