Quiz 3

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Louisiana State University *

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201

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Economics

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Apr 3, 2024

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Uploaded by GeneralMorning13907

Quiz 3: Macroeconomic Indicators 1. What does Gross Domestic Product (GDP) measure? a) The total value of goods and services produced within a country in a given period b) The total value of goods and services consumed within a country in a given period c) The total value of goods and services imported and exported by a country in a given period d) The total value of goods and services owned by residents of a country in a given period 2. Define inflation. a) The increase in the general level of prices over time b) The decrease in the general level of prices over time c) The increase in the value of money over time d) The decrease in the value of money over time 3. What is the formula for calculating the unemployment rate? a) Number of unemployed workers / Labor force b) Number of employed workers / Labor force c) Number of unemployed workers / Total population d) Number of employed workers / Total population 4. How does the Consumer Price Index (CPI) measure inflation? a) By comparing the prices of a fixed basket of goods and services over time b) By calculating the percentage change in real GDP c) By tracking changes in the prices of financial assets d) By estimating changes in the money supply 5. What is the difference between nominal GDP and real GDP? a) Nominal GDP is adjusted for inflation, while real GDP is not b) Real GDP is adjusted for inflation, while nominal GDP is not c) Nominal GDP includes the value of intermediate goods, while real GDP does not d) Real GDP includes the value of financial transactions, while nominal GDP does not 6. Describe the relationship between the unemployment rate and inflation, as explained by the Phillips curve. a) There is a positive relationship between unemployment and inflation b) There is a negative relationship between unemployment and inflation c) There is no relationship between unemployment and inflation d) There is a linear relationship between unemployment and inflation 7. What is the significance of the labor force participation rate in assessing the health of the labor market? a) It measures the proportion of the population that is employed b) It measures the proportion of the population that is unemployed c) It measures the proportion of the population that is actively seeking employment d) It measures the proportion of the population that is eligible to work 8. How does the business cycle affect macroeconomic indicators? a) It has no effect on macroeconomic indicators b) It causes fluctuations in GDP, inflation, and unemployment c) It stabilizes GDP, inflation, and unemployment d) It increases GDP while decreasing inflation and unemployment 9. Explain the concept of GDP per capita and its significance. a) GDP per capita measures the average income of a country's population b) GDP per capita measures the total income of a country's population c) GDP

per capita measures the distribution of income within a country d) GDP per capita measures the growth rate of a country's economy 10. What is the primary goal of monetary policy? a) To control inflation b) To promote economic growth c) To stabilize financial markets d) To reduce income inequality

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