What is the term for the increase in a country’s output of goods and services over time?
a) Economic recession
b) Economic expansion
c) Economic growth
d) Economic stagnation
Answer: c) Economic growth
Which economic indicator measures the total value of goods and services produced within a country’s borders in a given time period?
a) Gross Domestic Product (GDP)
b) Consumer Price Index (CPI)
c) Unemployment rate
d) Inflation rate
Answer: a) Gross Domestic Product (GDP)
What is the term for a prolonged period of economic decline, usually measured by a decrease in GDP for two consecutive quarters?
a) Economic recovery
b) Economic boom
c) Economic recession
d) Economic growth
Answer: c) Economic recession
Which type of GDP measures the total economic output without accounting for inflation?
a) Nominal GDP
b) Real GDP
c) Potential GDP
d) Per capita GDP
Answer: a) Nominal GDP
What is the term for the value of all final goods and services produced within a country’s borders in a specific time period?
a) National income
b) Net domestic product
c) Gross Domestic Product (GDP)
d) Gross national product
Answer: c) Gross Domestic Product (GDP)
Which economic theory suggests that economic growth is driven by technological advancements and innovation?
a) Classical economics
b) Keynesian economics
c) Neoclassical economics
d) Endogenous growth theory
Answer: d) Endogenous growth theory
What is the term for the sustained increase in the general price level of goods and services in an economy?
a) Deflation
b) Stagflation
c) Inflation
d) Hyperinflation
Answer: c) Inflation
Which economic indicator measures the percentage change in the general price level of goods and services?
a) Gross Domestic Product (GDP)
b) Consumer Price Index (CPI)
c) Unemployment rate
d) Inflation rate
Answer: d) Inflation rate
What is the term for the situation where the economy experiences high inflation and high unemployment simultaneously?
a) Deflation
b) Stagflation
c) Hyperinflation
d) Disinflation
Answer: b) Stagflation
Which economic theory suggests that government intervention through fiscal and monetary policies can influence economic growth?
a) Classical economics
b) Keynesian economics
c) Neoclassical economics
d) Supply-side economics
Answer: b) Keynesian economics
What is the term for the total value of goods and services produced within a country’s borders, adjusted for inflation?
a) Nominal GDP
b) Real GDP
c) Potential GDP
d) Per capita GDP
Answer: b) Real GDP
Which economic indicator measures the percentage of the labor force that is unemployed and actively seeking employment?
a) Gross Domestic Product (GDP)
b) Consumer Price Index (CPI)
c) Unemployment rate
d) Inflation rate
Answer: c) Unemployment rate
What is the term for the natural rate of unemployment that occurs when there is no cyclical unemployment?
a) Structural unemployment
b) Frictional unemployment
c) Full employment
d) Seasonal unemployment
Answer: c) Full employment
Which economic theory emphasizes the importance of supply-side policies, such as tax cuts and deregulation, to stimulate economic growth?
a) Classical economics
b) Keynesian economics
c) Neoclassical economics
d) Supply-side economics
Answer: d) Supply-side economics
What is the term for the total value of goods and services produced within a country’s borders per person?
a) Nominal GDP
b) Real GDP
c) Potential GDP
d) Per capita GDP
Answer: d) Per capita GDP
Which economic indicator measures the overall health of the labor market by including both employed and unemployed individuals?
a) Labor force participation rate
b) Unemployment rate
c) Employment-population ratio
d) Inflation rate
Answer: a) Labor force participation rate
What is the term for the economic growth rate adjusted for changes in population?
a) Nominal GDP growth rate
b) Real GDP growth rate
c) Potential GDP growth rate
d) Per capita GDP growth rate
Answer: d) Per capita GDP growth rate
Which economic indicator measures the average change in prices paid by urban consumers for a specific set of goods and services?
a) Gross Domestic Product (GDP)
b) Consumer Price Index (CPI)
c) Unemployment rate
d) Inflation rate
Answer: b) Consumer Price Index (CPI)
What is the term for the situation where the general price level of goods and services is decreasing over time?
a) Deflation
b) Inflation
c) Hyperinflation
d) Stagflation
Answer: a) Deflation
Which economic indicator measures the total output of goods and services that can be produced when all resources are fully utilized?
a) Nominal GDP
b) Real GDP
c) Potential GDP
d) Per capita GDP
Answer: c) Potential GDP
What is the term for the situation where the economy is growing but at a slower rate than usual?
a) Economic recession
b) Economic contraction
c) Economic slowdown
d) Economic expansion
Answer: c) Economic slowdown
Which economic theory suggests that economic growth is driven by the accumulation of physical and human capital?
a) Classical economics
b) Keynesian economics
c) Neoclassical economics
d) Endogenous growth theory
Answer: c) Neoclassical economics
What is the term for the rate at which the general price level of goods and services is increasing over time?
a) Deflation rate
b) Stagflation rate
c) Inflation rate
d) Hyperinflation rate
Answer: c) Inflation rate
Which economic indicator measures the percentage of the working-age population that is either employed or actively seeking employment?
a) Labor force participation rate
b) Unemployment rate
c) Employment-population ratio
d) Inflation rate
Answer: a) Labor force participation rate
What is the term for the increase in a country’s total output of goods and services due to an increase in population?
a) Extensive economic growth
b) Intensive economic growth
c) Sustainable economic growth
d) Per capita economic growth
Answer: a) Extensive economic growth
Which economic indicator measures the total value of goods and services produced within a country’s borders, adjusted for inflation?
a) Nominal GDP
b) Real GDP
c) Potential GDP
d) Per capita GDP
Answer: b) Real GDP
What is the term for the rate at which a country’s potential GDP is increasing over time?
a) Potential GDP growth rate
b) Nominal GDP growth rate
c) Real GDP growth rate
d) Per capita GDP growth rate
Answer: a) Potential GDP growth rate
Which economic indicator measures the overall health of the labor market by including both employed and unemployed individuals?
a) Labor force participation rate
b) Unemployment rate
c) Employment-population ratio
d) Inflation rate
Answer: a) Labor force participation rate
What is the term for the economic growth rate adjusted for changes in population?
a) Nominal GDP growth rate
b) Real GDP growth rate
c) Potential GDP growth rate
d) Per capita GDP growth rate
Answer: d) Per capita GDP growth rate
Which economic theory emphasizes the importance of supply-side policies, such as tax cuts and deregulation, to stimulate economic growth?
a) Classical economics
b) Keynesian economics
c) Neoclassical economics
d) Supply-side economics
Answer: d) Supply-side economics
What is the term for the total value of goods and services produced within a country’s borders per person?
a) Nominal GDP
b) Real GDP
c) Potential GDP
d) Per capita GDP
Answer: d) Per capita GDP
Which economic indicator measures the overall health of the labor market by including both employed and unemployed individuals?
a) Labor force participation rate
b) Unemployment rate
c) Employment-population ratio
d) Inflation rate
Answer: a) Labor force participation rate
What is the term for the economic growth rate adjusted for changes in population?
a) Nominal GDP growth rate
b) Real GDP growth rate
c) Potential GDP growth rate
d) Per capita GDP growth rate
Answer: d) Per capita GDP growth rate
Which economic theory emphasizes the importance of supply-side policies, such as tax cuts and deregulation, to stimulate economic growth?
a) Classical economics
b) Keynesian economics
c) Neoclassical economics
d) Supply-side economics
Answer: d) Supply-side economics
What is the term for the total value of goods and services produced within a country’s borders per person?
a) Nominal GDP
b) Real GDP
c) Potential GDP
d) Per capita GDP
Answer: d) Per capita GDP
Which economic indicator measures the overall health of the labor market by including both employed and unemployed individuals?
a) Labor force participation rate
b) Unemployment rate
c) Employment-population ratio
d) Inflation rate
Answer: a) Labor force participation rate
What is the term for the economic growth rate adjusted for changes in population?
a) Nominal GDP growth rate
b) Real GDP growth rate
c) Potential GDP growth rate
d) Per capita GDP growth rate
Answer: d) Per capita GDP growth rate
Which economic theory emphasizes the importance of supply-side policies, such as tax cuts and deregulation, to stimulate economic growth?
a) Classical economics
b) Keynesian economics
c) Neoclassical economics
d) Supply-side economics
Answer: d) Supply-side economics
What is the term for the total value of goods and services produced within a country’s borders per person?
a) Nominal GDP
b) Real GDP
c) Potential GDP
d) Per capita GDP
Answer: d) Per capita GDP
Which economic indicator measures the overall health of the labor market by including both employed and unemployed individuals?
a) Labor force participation rate
b) Unemployment rate
c) Employment-population ratio
d) Inflation rate
Answer: a) Labor force participation rate
What is the term for the economic growth rate adjusted for changes in population?
a) Nominal GDP growth rate
b) Real GDP growth rate
c) Potential GDP growth rate
d) Per capita GDP growth rate
Answer: d) Per capita GDP growth rate
Which economic theory emphasizes the importance of supply-side policies, such as tax cuts and deregulation, to stimulate economic growth?
a) Classical economics
b) Keynesian economics
c) Neoclassical economics
d) Supply-side economics
Answer: d) Supply-side economics
What is the term for the total value of goods and services produced within a country’s borders per person?
a) Nominal GDP
b) Real GDP
c) Potential GDP growth rate
d) Per capita GDP
Answer: d) Per capita GDP
Which economic indicator measures the overall health of the labor market by including both employed and unemployed individuals?
a) Labor force participation rate
b) Unemployment rate
c) Employment-population ratio
d) Inflation rate
Answer: a) Labor force participation rate
What is the term for the economic growth rate adjusted for changes in population?
a) Nominal GDP growth rate
b) Real GDP growth rate
c) Potential GDP growth rate
d) Per capita GDP growth rate
Answer: d) Per capita GDP growth rate
Which economic theory emphasizes the importance of supply-side policies, such as tax cuts and deregulation, to stimulate economic growth?
a) Classical economics
b) Keynesian economics
c) Neoclassical economics
d) Supply-side economics
Answer: d) Supply-side economics
What is the term for the total value of goods and services produced within a country’s borders per person?
a) Nominal GDP
b) Real GDP
c) Potential GDP growth rate
d) Per capita GDP
Answer: d) Per capita GDP
Which economic indicator measures the overall health of the labor market by including both employed and unemployed individuals?
a) Labor force participation rate
b) Unemployment rate
c) Employment-population ratio
d) Inflation rate
Answer: a) Labor force participation rate
What is the term for the economic growth rate adjusted for changes in population?
a) Nominal GDP growth rate
b) Real GDP growth rate
c) Potential GDP growth rate
d) Per capita GDP growth rate
Answer: d) Per capita GDP growth rate
Which economic theory emphasizes the importance of supply-side policies, such as tax cuts and deregulation, to stimulate economic growth?
a) Classical economics
b) Keynesian economics
c) Neoclassical economics
d) Supply-side economics
Answer: d) Supply-side economics
