TestWizard - Overview Unit 3

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1. _________________approach to GDP counts the money received for production.
1) The earnings-and-cost
2) The flow-of-product
3) The balance sheet
2. To avoid double counting, economists count a product or a service only in its_______form.
1) initial
2) final
3) natural
3. ____________approach to GDP calculates the value of goods and services received.
1) The lagging-of-product
2) The earnings-and-cost
3) The flow-of-product
4. If both the flour the baker used and the bread produced were counted, the flour would be added in twice and so ___________ the gross national product.
1) contact
2) exaggerate
3) minimize
5. Stockholders and potential investors use the annual report to of the corporation.
1) score the performance
2) compute the performance
3) evaluate the performance
6. __________is the part of economics that is concerned with individual areas of economic activity
1) Macroeconomics
2) Microeconomics
3) Economics
7. ___________economic indicators change at about the same time that shifts occur in general economic activity.
1) Coincident
2) Lagging
3) Leading
8. Spending for products falls into four categories. The first, and the largest, is _____________domestic expenditures.
1) all spending of businesses
2) personal private
3) net exports of goods and services
9. If you __________ the quality, value, or effect of something, you discover or judge how great it is.
1) assess
2) evaluate
3) measure
10. The US Commerce Department uses a ___________, or single number, for each of the three sets of indicators to simplify the process of following and interpreting all economic indicators.
1) composite index
2) purchasing power parity
3) cost-of-living index

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