Economics Principles & Practices

Chapter 13: Economic Performance

Self-Check Quizzes

1
The ____________ accounting is a system of statistics and accounts that keeps track of production, consumption, saving, and investment in order to track overall economic performance.
A)national income
B)production consumption
C)circular flow
D)performance
2
To compute GDP, all final goods and services produced in a 12-month period are __________ their prices to get the dollar value of production.
A)divided by
B)subtracted from
C)multiplied by
D)added to
3
The dollar value of all final goods, services, and structures produced in one year with labor and property supplied by United States residents is called ___________.
A)Gross Labor Production
B)Gross National Product
C)Average National Product
D)Average Labor Production
4
To remove the distortions of inflation, economists construct
a(n) __________, a statistical series that can be used to measure changes in prices over time.
A)time index
B)price index
C)inflation adjustment
D)time-inflated series
5
The ____________ is an index of average level of prices for all goods and services in the economy that is computed quarterly and has a base year of 1996.
A)quarterly GDP
B)real GDP
C)implicit GDP price deflator
D)average GDP index deflator
6
When the distortions of inflation have been removed, GDP is called _________, or GDP in constant dollars.
A)implicit GDP
B)current GDP
C)real GDP
D)chained GDP
7
The Constitution of the United States requires the government to periodically take a _________, an official count of all people, including their place of residence.
A)census
B)price index
C)residence check
D)register
8
According to demographers, the three most important factors affecting population growth are ______________ levels.
A)economic, literacy, and fertility
B)literacy, life expectancy, and net immigration
C)fertility, life expectancy, and net immigration
D)fertility, literacy, and net migration
9
A way to examine growth is with a ___________, a table that shows annual compound rates of growth between selected periods of time.
A)histogram
B)circular flow diagram
C)population pyramid
D)growth triangle
10
A major feature of a __________ is its ability to increase real per capita output enough to allow people to raise their standard of living. This system also increases people's free time, allowing them to devote more attention to families, hobbies, and recreational activities.
A)capitalist economy
B)socialist economy
C)free enterprise economy
D)monarchical economy
11
A number of factors are important to economic growth—especially the quantity and quality of the _________
A)GDP
B)productivity
C)factors of production
D)factors of consumption
12
When productivity grows, people produce relatively ______ with the same amount of inputs, and the prices of goods and services tend to stay _______.
A)less, low
B)more, high
C)less, high
D)more, low
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