IFIC (Unit 4 Quiz) UPDATED ACTUAL Exam Questions and CORRECT Answers

IFIC (Unit 4 Quiz) UPDATED
ACTUAL Exam Questions and
CORRECT Answers

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Terms in this set (56)


GDP, inflation GDP, inflation rate and
rate and unemployment rate are 3 common
unemployment fundamental indicators
rate are 3
common
___________
indicators

,What economic Gross domestic Product (GDP) is a
indicator is a measure of the total market value
measure of the of all goods and services
total market produced (in a year)
value of all
goods and
services
produced (in a
year)?

_____________ GDP values are referred to as
values are either "nominal" or "real"
referred to as
either "nominal"
or "real"

GDP based on GDP based on current price:
current market Nominal
price:
Nominal, or
Real

GDP adjusted GDP adjusted for inflation: real
for inflation:
Nominal, or
Real

, _____________ in real Increase in real GDP: indicates
GDP: indicates economic growth,
economic Decrease in real GDP: indicates
growth, economic decline
_______________ in
real GDP:
indicates
economic
decline

Increased GDP Increased GDP means:
means: Higher profits for companies
_________ profits Decreased GDP means:
for companies Lower profits for companies
Decreased
GDP means:
_______________
profits for
companies

What term Inflation rate: rise in an economies
refers to rise in price level over a period of time
an economies
price level over
a period of
time?