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Economics game quiz

Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a period of time, often annually or quarterly. Nominal GDP estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons.

21.12.2018

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What is it called when the quantity supplied equals the quantity demanded?  A) Common point  B)Intersection   C) Equilibrium point   D)Surplus  C) Equilibrium point  L F

What is it called when the quantity

supplied equals the quantity demanded?

A) Common point

B)Intersection

C) Equilibrium point

D)Surplus

C) Equilibrium point

L

F

What does GDP stand for? A)Gross Domestic Product A)Gross Domestic Product B)Generational Dichotomy Polling C)Guaranteed Damages Policy D) Generational Domestic Product L F

What does GDP stand for?

A)Gross Domestic Product

A)Gross Domestic Product

B)Generational Dichotomy Polling

C)Guaranteed Damages Policy

D) Generational Domestic Product

L

F

Inflation and GDP are both examples of what? A)Taxes B)Economic Indicators B)Economic Indicators C)Types of income D)Price index L F

Inflation and GDP are both examples of what?

A)Taxes

B)Economic Indicators

B)Economic Indicators

C)Types of income

D)Price index

L

F

The high point of the business cycle is called.... A)Peak A)Peak B)Top C)Contraction D)Ceiling L F

The high point of the business cycle is called....

A)Peak

A)Peak

B)Top

C)Contraction

D)Ceiling

L

F

All final goods and services produced within a country's national border in one year is... A)GNP B)GSP C)GDP C)GDP D)GPA L F

All final goods and services produced

within a country's national border in one year is...

A)GNP

B)GSP

C)GDP

C)GDP

D)GPA

L

F

What two shifts (one of demand/one of supply) will definitely cause equilibrium prices to decrease? A)Demand up, supply down B) Demand down, supply up B) demand down, supply up C)Supply down, demand down D)Demand up, supply up L F

What two shifts (one of demand/one of supply)

will definitely cause equilibrium prices to decrease?

A)Demand up, supply down

B) Demand down, supply up

B) demand down, supply up

C)Supply down, demand down

D)Demand up, supply up

L

F

A surplus signals that price is: A)To low B)Elastic C) At equilibrium D)To high D)To high L F

A surplus signals that price is:

A)To low

B)Elastic

C) At equilibrium

D)To high

D)To high

L

F

What are the 4 basic economic systems?   Traditional, innovation, competition, and market B) Traditional, command,  market, and mixed  B) Traditional, command,  market, and mixed    C) Traditional, producer, profit, and mixed. D)None of the above L F

What are the 4 basic economic systems?

  • Traditional, innovation,

competition, and market

B) Traditional, command,

market, and mixed

B) Traditional, command,

market, and mixed

C) Traditional, producer,

profit, and mixed.

D)None of the above

L

F

What is conducted on investment sale? A)Sale on contest B)Sale on auction C)The investment contest C)The investment contest D)The commercial contest L F

What is conducted on investment sale?

A)Sale on contest

B)Sale on auction

C)The investment contest

C)The investment contest

D)The commercial contest

L

F

This part of the GDP equation includes purchases of capital goods to be used in production A)Consumer B)Net exports C)Goverment D)Investment D) Investment L F

This part of the GDP equation includes purchases

of capital goods to be used in production

A)Consumer

B)Net exports

C)Goverment

D)Investment

D) Investment

L

F

This part of the GDP equation includes all goods and services purchased by private households A)Goverment B)Investment C)Net exports D)Consumer D)Consumer L F

This part of the GDP equation includes all

goods and services purchased by private households

A)Goverment

B)Investment

C)Net exports

D)Consumer

D)Consumer

L

F

Nominal GDP is based on changes in prices due to A)Profit B)Inflation and Deflation B)Inflation and Deflation C)Unemployment D)Competition L F

Nominal GDP is based on changes in prices due to

A)Profit

B)Inflation and Deflation

B)Inflation and Deflation

C)Unemployment

D)Competition

L

F

Choose the types of property:   B)С omplex and multivariate A)General and common   C)Complex and common    D) Private and general    D) Private and general   L F

Choose the types of property:

B)С omplex and multivariate

A)General and common

C)Complex and common

D) Private and general

D) Private and general

L

F

Essence of the money reveals itself through:   A) The facility of the payment  B) The facility of the accumulation C) General direct exchangeability   D) Assist the principle of the  coding goods;   C) General direct exchangeability L F

Essence of the money reveals itself through:

A) The facility of the payment

B) The facility of the accumulation

C) General direct exchangeability

D) Assist the principle of the

coding goods;

C) General direct exchangeability

L

F

Form of the existence of money can be: A)The cash and cashless B)The world money and money unit A)The cash and cashless    C) Money unit and the cash   D)The world money and cashless L F

Form of the existence of money can be:

A)The cash and cashless

B)The world money and money unit

A)The cash and cashless

C) Money unit and the cash

D)The world money and cashless

L

F

Correct 30

Correct

30

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