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Chapter 4 Economic Measurements Flashcards | StudBud
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Chapter 4 Economic Measurements
Chapter 4 Economic Measurements
28 terms
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StudBud Administration
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How do we measure the strength of our economy?
Flashcards
28 cards
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Practice quiz
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Questions
28
Answers
1
The year chosen to compare data such as GDP is known as the
Calculating year.
Base year.
Comparative year.
GDP year
2
Which of the following would NOT be counted in computing GDP?
A tie you sold working at J.C. Penny’s.
All of the above.
Building a bird house for your own yard.
Burgers you flip on your job at McDonald’s.
3
Sustained increase in the general level of prices
prosperity
inflation
depression
recession
4
Inflation is....
What I need to do to my grade
A decrease in the general price level
An increase in the general price level
Periods of increases & decreases in the general price level
5
Increased GDP, increased per capita, low unemployment, high demand, high wages
recession
recovery
prosperity
depression
6
__ GDP is the value of gross domestic product after taking out the effect of price changes
Productive
Constant Dollar or Real
Inflation
Per Capita
7
We measure economic performance by calculating
Gross domestic product
All the above
Per capita output
Labor productivity
8
Which is true about "Economic Growth"
Refers to steady increase in production of goods/services.
Many different methods to check the growth of an economy.
All of the above
Its important to understand how to measure Economic Growth
9
Unemployment begins to decrease, demand for goods and services increases, GDP rises AGAIN
all of the above
prosperity
recession
recovery
10
Demand decreases, lowered production, unemployment rises, GDP growth slows, output declines
recession
depression
recovery
prosperity
11
The US is about 7% of world's land and 5% of world's population and output is more than
15% of the goods and services produced in the world
20% of the goods and services produced in the world
25% of the goods and services produced in the world
10% of the goods and services produced in the world
12
Deflation is
An increase in the general price level
Periods of increases & decreases in the general price level
Tom Brady's fault
A decrease in the general price level
13
Prosperity is the condition when
The business cycle is at its high point.
Demand for goods and services is weak.
Businesses are beginning to lay off workers
Interest rates are low.
14
Gross Domestic Product is
The total value of all goods produced in a year.
The total value of all FINAL goods&services produced in a yr
None of the above.
The total value of all services produced in a year.
15
What does GDP stand for
Gross Domestic Product
Gross Domestic Present
Gross Disturbed Product
Gross Disturbed Place
16
Which of the following is
NOT
true about inflation?
Prices of goods and services rise faster than wages
It is a sustained increase in the general level of prices.
In general, most people think inflation is harmful.
It is one problem that our country hasn't had to worry about
17
The future of our economy is characterized by
Decrease in the use of technology
Changes in the business cycle that must be faced.
Too few workers for the jobs that will exist.
No serious problems to face.
18
Good times to bad times and back to good times
Great Depression
recession
70's TV show
business cycle
19
In some countries, the annual rate of inflation is 300 to 400%. This phenomenon is known as
Immense Inflationary Tariffs
Outsized Outputs
Inflationary High
Hyperinflation
20
When the effect of price changes is taken out of the GDP, we have
Undervalued GDP
Price Effective GDP
Real GDP
Inflated GDP
21
Which of the following is true about the business cycle?
There are recurring ups and downs.
It has four phases.
All of the above.
There is a pattern of good times to bad times and back again
22
The business cycle is defined as which of the following
Yr chosen to compare item's (price) to the same item next yr
Total value of final goods&services produced in 1 country/yr
The GDP divided by the total population of a country
Economic movement from 1 condition to another & back again
23
The equation for Real GDP is...
I don't know so I will study tonight before test tomorrow
Items Produced x Price Adjusted
Items Produced x Current Price
Items Produced x Base Year
24
The business cycle is defined as....
The ups and downs of life
All FINAL good/service produced in a country in one year
Economic movement from one condition to another & back again
The GDP divided by the total population of a country
25
Growth in GDP
Doesn't tell us much about the economy
Is a solid measure of overall growth in an economy.
Leaves too many things out to be considered any good
Is a poor measure of the overall growth in an economy.
26
The equation for GDP at Current Price is...
Items Produced x Base Year
I don't know so I will study tonight before test tomorrow
Items Produced x Price Adjusted
Items Produced x Current Price
27
This is measured in terms of the number of items produced per worker
GDP
Productivity or labor productivity
All of the above
Constant dollar GDP
28
Which of the following is the correct sequence of the phases of the business cycle?
Recovery, recession, depression, prosperity
Prosperity, recession, recovery, depression.
Prosperity, recession, depression, recovery
Prosperity, recovery, recession, depression
