Quiz #1

Question 1

Real GDP is defined as: The (1) _____ of the (2) _____ produced (3) _____ during a period of (4) _____ which equals the amount of (5) _____ within the country during a year, through the (6) _____ in (7) _____, or purchasing power, terms.

Answer 1

(1) actual amount; (2) final goods and services; (3) within a country; (4) one year; (5) income generated; (6) production and sale of final goods and services; (7) real.

Question 2

The Rate of Economic Growth: The (1) _____ in the country’s level of (2) _____, per (3) _____.

Answer 2

(1) percentage change; (2) real GDP; (3) year.

Question 3

The Unemployment Rate: The (1) _____ of the country’s (2) _____ that is (3) _____.

Answer 3

(1) percent; (2) labour force; (3) unable to find a job.

Question 4

The Rate of Inflation: The (1) _____ in the country’s (2) _____, per year.

Answer 4

(1) percentage change; (2) price level.

Question 5

Labor Force: All adult (1) _____ who are (2) _____ and (3) _____ to (4) ____

Answer 5

(1) civilians; (2) willing; (3) able; (4) work.