#1
Which of the following is NOT a commonly used indicator of economic growth?
Gross Domestic Product (GDP)
Unemployment Rate
Consumer Price Index (CPI)
Stock Market Index
#2
What does GDP stand for?
Gross Domestic Product
Gross Development Product
General Domestic Product
Growth Domestic Product
#3
What is the term used to describe the total value of all goods and services produced within a country's borders in a specific period?
Gross Domestic Product (GDP)
Gross National Product (GNP)
Net Domestic Product (NDP)
Net National Product (NNP)
#4
Which of the following is a common method to measure economic growth?
GDP per capita
Consumer Price Index (CPI)
Exchange rate
Interest rate
#5
Which of the following is an example of an intermediate good?
Steel purchased by a car manufacturer
A finished car sold to a consumer
Wheat purchased by a bakery
Gasoline purchased by a household
#6
What is the formula to calculate GDP?
Consumption + Investment + Government Spending + (Exports - Imports)
Consumption + Investment + Government Spending - (Exports - Imports)
Consumption - Investment + Government Spending + (Exports - Imports)
Consumption - Investment - Government Spending - (Exports - Imports)
#7
What is the difference between economic growth and economic development?
There is no difference, they are synonymous terms
Economic growth refers to an increase in GDP while economic development refers to improvements in living standards and well-being
Economic growth refers to improvements in living standards while economic development refers to an increase in GDP
Economic growth focuses on international trade while economic development focuses on domestic production
#8
Which of the following is an example of a leading economic indicator?
Unemployment rate
Gross Domestic Product (GDP)
Consumer Confidence Index
Inflation rate
#9
Which of the following is a measure of income inequality?
Gini coefficient
Consumer Price Index (CPI)
Real GDP
Fiscal policy
#10
What is the term used to describe a period of economic decline when GDP contracts?
Recession
Expansion
Depression
Stagflation
#11
What is the term used to describe the rate at which the general level of prices for goods and services is rising?
Inflation
Deflation
Hyperinflation
Stagflation
#12
Which of the following is a limitation of using GDP as a measure of economic well-being?
It only includes monetary transactions
It doesn't account for income distribution
It is not affected by inflation
It accurately reflects the underground economy
#13
What is the main purpose of using real GDP instead of nominal GDP?
Real GDP accounts for changes in the price level, providing a more accurate measure of economic output
Real GDP only includes goods and services produced domestically
Real GDP includes inflation and deflation adjustments
Real GDP excludes government spending
#14
Which of the following is an example of a lagging economic indicator?
Stock Market Index
Consumer Price Index (CPI)
Gross Domestic Product (GDP)
Unemployment rate
#15
What is the relationship between economic growth and the production possibilities frontier (PPF)?
Economic growth shifts the PPF inward
Economic growth shifts the PPF outward, indicating an increase in the economy's potential output
Economic growth does not affect the PPF
Economic growth causes the PPF to become vertical
#16
Which of the following is a characteristic of a developed economy?
High unemployment rate
Large informal sector
High per capita income
Limited access to healthcare
#17
What is the primary goal of economic policy?
Maximizing GDP growth
Achieving full employment
Minimizing income inequality
Balancing the budget
#18
What is the term used to describe a sustained period of falling prices across the economy?
Deflation
Inflation
Hyperinflation
Stagflation