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Flash Quiz
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1
Gross domestic product (GDP) equals the ______ of final _______ produced within a country during a given period of time.
A)market value; goods
B)market value; services
C)market value; goods and services
D)quantity; goods
E)quantity; goods and services
2
Goods and services that are used up in the production of other goods and services are called _____ goods and services.
A)intermediate
B)final
C)value added
D)nominal
E)real
3
Consumption spending includes spending on:
A)durables, nondurables, and services.
B)stocks, bonds, and other financial instruments.
C)capital goods, residential housing, and changes in inventories.
D)goods and services by federal, state, and local governments.
E)goods and services sold abroad minus goods and services produced abroad.
4
Which of the following would increase the investment component of U.S. GDP?
A)You purchase a vacation at Disney World in Florida.
B)You purchase shares of Disney stock.
C)Disney World purchases tires for the monorail from a firm in Ohio.
D)A French man purchases a vacation at a Disney theme park in France.
E)A French child purchases mouse ears made in California at a Disney theme park in France.
5
Net exports equal:
A)the value added of exports.
B)exports minus imports.
C)the market value of exports.
D)exports plus imports.
E)exports minus depreciation.
6
The number of unemployed divided by the labor force equals the:
A)labor-force participation rate.
B)employment rate.
C)unemployment rate.
D)duration rate.
E)unemployment spell rate.
7
The number of people unemployed and employed equals the:
A)working age population.
B)labor force.
C)employment rate.
D)unemployment rate.
E)participation rate.
8
Nominal GDP is measured in _____ prices and real GDP is measured in _____ prices.
A)final; value-added
B)current-year; base-year
C)normative; positive
D)monetary; fiscal
E)aggregate; microeconomic
9
The market value of a firm's product minus the cost of inputs purchased from other firms is called:
A)profits.
B)investment.
C)real GDP.
D)capital.
E)value added.
10
Discouraged workers are counted as:
A)unemployed.
B)employed.
C)out of the labor force.
D)part-time workers.
E)chronically unemployed.





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