#1
Which of the following is not considered an economic indicator?
Company's Net Profit
ExplanationCompany profit is a microeconomic indicator, not a macroeconomic one.
#2
What does GDP stand for?
Gross Domestic Product
ExplanationGDP measures the total value of goods and services produced within a country.
#3
What does the term 'trade balance' represent in economics?
The difference between exports and imports of goods and services
ExplanationTrade balance shows the net value of a country's exports and imports.
#4
Which of the following is a measure of the total market value of all final goods and services produced in a country in a given period?
Gross Domestic Product (GDP)
ExplanationGDP quantifies a country's economic output within a specific timeframe.
#5
Which of the following is a measure of the average level of prices in an economy?
Consumer Price Index (CPI)
ExplanationCPI gauges the average price change for a basket of goods and services.
#6
Which economic indicator measures the average change in prices over time of a fixed basket of goods and services?
Consumer Price Index (CPI)
ExplanationCPI tracks inflation by monitoring price changes of a fixed basket of goods.
#7
How is productivity typically measured in economics?
By dividing output by input
ExplanationProductivity is calculated as output divided by input.
#8
What does the term 'productivity growth' indicate?
Increase in the quantity of goods produced per unit of input
ExplanationProductivity growth signifies more output per unit of input over time.
#9
Which economic indicator measures the percentage of the total labor force that is unemployed but actively seeking employment?
Unemployment Rate
ExplanationThe unemployment rate reflects the proportion of actively job-seeking individuals.
#10
Which of the following economic indicators reflects the total value of goods and services produced by a country's residents, regardless of location?
Gross National Product (GNP)
ExplanationGNP accounts for the production value by a country's residents.
#11
Which of the following is an example of a leading economic indicator?
New Housing Starts
ExplanationHousing starts indicate future economic trends and consumer confidence.
#12
What is the term used to describe the total value of goods and services produced within a country's borders in a specific time period, regardless of the nationality of the producers?
Gross Domestic Product (GDP)
ExplanationGDP measures economic activity within a country's borders.
#13
Which economic indicator measures the total value of all goods and services produced within a country's borders, regardless of who owns the production facilities?
Gross Domestic Product (GDP)
ExplanationGDP measures the total economic output within a country's borders.
#14
Which economic indicator measures the total value of all final goods and services produced by a country's residents, regardless of the location of production?
Gross National Product (GNP)
ExplanationGNP calculates the total production value by a country's residents.
#15
What does the term 'output per capita' signify?
The output per person
ExplanationOutput per capita indicates the average output per individual.