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What does GDP stand for: Gross Domestic Product. Check the box for each component of GDP: Imports. Which commodity is an example of an investment: A new factory. GDP is important because it allows policymakers and central banks to see if the economy in that country is Expanding or Contracting: True. The parts used to build a car are considered final goods: False. A durable good lasts longer than ____ years: 3. Nominal GDP is adjusted for inflation: False

Which of the following is an example of an intermediate good: tomato sauce. Business spending on physical capital, new homes, and inventories is counted in which component of GDP? : investment. Goods, services, and intermediate products bought by people in other countries: Export. John went to Sports Clips and purchased a haircut.  Where would this show up in the GDP formula: Consumption. Costco builds a new store in Menomonee Falls, Wisconsin. Where would this show up in the GDP formula: Investment. Would the following be included or not included in GDP?  Grandpa Smith's Social Security check from the government: Not included. The U.S. government agency NASA contracts with a firm in Alabama to provide parts for the space station. Where would this show up in the GDP formula: Government Spending. What is the formula for GDP:

If each worker in a business produces more than last year but fewer workers are employed then _____ has increased but total output might be the same: productivity. Each of the following are possible ways to increase efficiency except____: using more resources. Just in time inventory management is a good example of ____ production : lean. Lean production means: creating less waste. One possible advantage of flow production over batch production is that _____ production of a standard product will increase efficency: continuous. Flow production is always better than job production: False. Job production means that each worker only makes one product: False. Batch production can lead to higher inventory levels compared with flow production : True. Job production allows for many variations in the design of products: True. Automated robots are an example of using technology in production: True. Increased production levels could be achieved by increasing productivity: True

What is the best measure of a nation's standard of living: real GDP per capita. Real GDP: expresses GDP in constant prices. Which is the following is included in GDP: a fish that you buy at a store. When a farm worker loses his job after the harvest, it is an example of : Seasonal unemployment. Which statement describes full employment: There is no cyclical unemployment. A general increase in prices is called: inflation. People who underemployed: work part time or at jobs that are below their skills. The inflation rate is: the percentage change in prices over time. Inflation reduced people's purchasing power because: the same amount of money buys fewer goods and services. Is this counted in the GDP of the US?The federal government purchases a new submarine for the US Navy: Yes. In which part of the GDP calculation does this fit? You spend $15 at AMC to see the latest Avengers movie: Consumer spending. In which part of the GDP calculation does this fit?The US military spends $5 billion on five new helicopters: Government spending. In which part of the GDP calculation does this fit?The local taxi service purchases new vehicles for the company: Investment spending. In which part of the GDP calculation does this fit?Australia exported $6 billion worth of goods in 2018, but imported $10 billion in goods. : Net exports. What the definition of deflation? : decrease in the average price of goods and services. What causes demand pull inflation: a rise in price level due to an increase in consumption. GDP that is adjusted for inflation: real GDP. a woman who lost her job due to a decrease in sales during a recession in the economy is..: cyclically unemployed. Which of the following best defines unemployment? : The state of being able to work and actively seeking work, but unable to find employment . Which of these people is officially unemployed: Maid who got fired and will start a new job in 2 weeks

Gross Domestic Product measures the  : market value of the final goods and services produced in a given year within a country.. If you make dinner for yourself: only the market value of ingredients that you purchased this year is added to GDP.. Which of the following is a final good or service? : a new replacement muffler installed by Midas Mufflers . Consumption expenditures are defined as spending on goods and services by: households. . Investment is defined as the purchase of: the purchase of new capital goods and additions to inventories. . The purchase of stocks and bonds is : not included in GDP as investment. . Net exports of goods and services is defined as equal to: the value of exports of goods and services minus the value of imports of goods and services.. Which of the following expenditure components of GDP can be negative or positive: Net exports of goods and services. . In order to measure gross domestic product, we can follow: two approaches: the expenditure approach and the income approach.. When calculating GDP, purchases of used goods are: not included. . The purchase of the financial assets, such as stocks and bonds, is not included in GDP because : they don't represent the production of goods or services. . The expenditure approach to measuring GDP is done by using data on only: consumption expenditure, investment, government expenditures on goods and services, and net exports of goods and services.. Real GDP measures the value of goods and services produced in a given year valued using: base year prices.

Desires for things that we may or many not actually require: Wants. Something that is required for survival: Needs. Desires for such things as sports equipment, cars, haircuts, etc. That you will need to spend money on: Economic Wants. Wants that can be satisfied without spending money: Noneconomic Wants. Items that you spend money on that must be a physical object, must be useful, and must be scarce: Economic Good. Productive act that satisfy economic wants: Economic Service. A thing that is perceptible by touch: Tangible. There is not enough of it so that anyone and everyone can freely have as much as they want: Scarce. People who use goods and services: Consumers. Finding out exactly what consumers want: Market Rearch. The People who make or provide goods and services: Producer. These products are used in the operation of a business but are not used in the actual production of a good or service. i.e. computers, forklifts, telephones: Equipment. These products are constantly being purchased and used up in the operation of a business: Supplies. the basic material from which a product is made: Raw Materials. Items purchased quickly and without much thought or effort: Convenience Products. Items such as bread and milk: Staple Items. Items such as candy bars at the checkout counter: Impulse Items. Items with special or unique characteristics that consumers are willing to exert special efforts to obtain: Specialty Products. Items bought out of adversity instead of desire: Unsought Products. These items become part of a finished product after they have been processed: Materials. These items become part of a finished product, but do not need any additional processing. Examples include bolts, screws, and tires: Parts

Products produced for personal consumption:: consumer goods and services. People who use goods and services to satisfy wants:: consumers.. Goods and services purchased quickly and without thought or effort:: convenience products.. Physical objects that are useful, scarce, and transferable and which satisfy economic wants:: economic goods.. Productive acts that are useful, scarce, and transferable and which satisfy economic wants:: economic services.. A desire for something that can only be obtained by spending money:: economic want.. Industrial goods used in the operation of a business but not used in the actual production of a good or service:: equipment.. Tangible objects that can be manufactured or produced for resale:: goods.. Any item purchased as a result of an on‑the‑spot decision to buy:: impulse item.. Industrial goods that are used to produce other goods and services:: installations.. The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern that affects a market:: market research.. Industrial goods that become part of the finished product after they have been processed:: materials.. A desire for something that can be obtained without spending money:: . Industrial goods that become part of finished goods without any additional processing:: parts.. The people who make or provide goods and services:: producers.. Items in their natural state or condition:: raw materials.. Limited:: scarce.. Intangible activities that are performed by other people for money; productive acts that satisfy economic wants:: services.. Consumer goods and services with special or unique characteristics that customers are willing to exert special efforts to obtain:: specialty product.. A frequently purchased item that businesses keep on hand continuously because the demand for it is constant:: staple item.. Industrial goods that are constantly being purchased and used up in the operation of a business:: supplies.. Capable of being touched, smelled, tasted, seen, or heard:: tangible.. Consumer goods and services bought out of necessity or adversity rather than desire:: unsought products.. A desire for something that may or may not be required:: want.. A car manufacturer receives a shipment of bolts that are going to be used in the production of automobiles. What type of industrial product would the bolts be: Parts. How would a business’s computers be classified: Equipment. Which of the following is an industrial good: Tires for a tow truck. What determines whether an economic product is an industrial product or a consumer product: Who buys and uses the product. Why do marketers classify goods and services: To aid in marketing planning. George has decided to purchase a dishwasher. He is checking the newspaper ads for the best place to get quality goods and services at a reasonable price. What type of product is the dishwasher: Shopping. Sugar and flour that are purchased to make baked goods are classified as:: materials.. If a good or service is scarce, consumers will usually be:: willing to pay money to get it.

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Which economic indicator is best described as Gross National Product minus inflation and depreciation: Net National Product. Gross domestic product is equal to the market value of all final goods and services:: produced domestically during a period.. Which of the following expenditures would not be included in GDP: Purchase of a silver cup previously sold new in 1950.. Personal consumption expenditures include:: all goods and services bought by households.. In the circular flow model,: money flows from the households to the firms through the product market.. All final goods and services that make up GDP can be expressed in the form:: . Personal income minus personal taxes is:: disposable personal income.. The period between the peak and the trough is the _____; the period between the trough and the peak is the _____: recession; expansion. The unemployment rate equals the number of persons:: unemployed divided by the number in the labor force.. Inflation is defined as an increase in:: the average price level.. What usually happens to inflation during a recession: it decreases. Which of the following is not a component of the business cycle: decline. A worker who was laid off due to a downturn in the business cycle would be considered: cyclically unemployed.. Logan loses his job cooking pizza when a robot can do it faster and at a lower expense.  Which type of unemployment is he experiencing: Structural. A good way to measure standard of living is by calculating: per capita GDP

Which of the following characteristics does NOT describe a developing nation: Strong infrastructure. The three main characteristics of this economic systems are private property, profit motive and a free, competitive marketplace: Market. Which of the following does NOT reflect a country's level of economic development: Economic system. Inadequate housing, poor health care, and political instability are all characteristics of which level of economic development: . Which of the following is NOT a factor of production: Economic resources. True or False: When a country has an unfavorable balance of trade it must use future income to pay for current and past spending: True. Because they have an abundance of oil, Saudi Arabia has a _______ in oil production: Absolute advantage. Going to college and giving up the opportunity to earn money at a job right now is an example of which economic principle: Opportunity Cost. A country deciding whether to produce its own food or import agricultural products is an example of which economic principle: Scarcity. True or False: Economics is all about money: True. The market sets price using which economic principle: Supply & Demand. In this type of economic system, the government regulates the amount, distribution and price of everything produced: Command. This metric of economic progress is important because no money means no purchases and a strong economy relies on a constant flow of money: Unemployment Rate. Target running out of a popular video game during the holiday season is an example of which economic principle: Shortage. Which of the following does NOT influence a country's balance of trade: Natural resources. Which of the following would be the best example of forming an economic community between countries: . Norway's exports in 2019 were $185.101 billion, and imports were $158.037 billion. Which of the following best describes their balance of trade: Trade surplus of $27.064 billion