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5 Written questions

5 Matching questions

  1. Nominal Variable
  2. Intermediate Goods
  3. Potential Output
  4. Net Exports (NX)
  5. Gross Domestic Product (GDP)
  1. a A variable measured without adjustment for the dollar's changing value
  2. b The level of output the economy could produce if operating at full employment
  3. c The total value of all final goods and services produced for the marketplace during a given year, within the nations borders
  4. d Total exports minus total imports
  5. e Goods used up in producing final goods

5 Multiple choice questions

  1. Goods and services that are produced by not sold in a market
  2. Measuring GDP by summing the values added by all firms in the economy
  3. Joblessness arising from changes in production over the business cycle
  4. A variable adjusted for changes in the dollar's value
  5. The part of GDP purchased by households as final users

5 True/False questions

  1. Transfer paymentAny payment that is not compensation for supplying goods, services, or resources


  2. Labor ForceThose people who have a job or who are looking for one


  3. Factor Payments approachMeasuring GDP by summing the factor payments earned by all households in the economy


  4. Expenditure ApproachMeasuring GDP by summing the values added by all firms in the economy


  5. Structural UnemploymentJoblessness arising from mismatches between workers skills and employers requirements or between workers locations and employers locations