Why Gross Domestic Product Is Used as A Key Economic Indicator Questions

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Why Gross Domestic Product Is Used as A Key Economic Indicator Questions

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  1. What are the four phases of the business cycle?
  2. Which phase of the business cycle would be the best time to purchase a large ticket item?
  3. How do you calculate the labor force participation rate?
  4. Who is accounted for in our country’s labor force?
  5. How is our country’s unemployment rate calculated?
  6. In one to two sentences, please define the term, “full employment?”
  7. In one to two sentences, what is a discouraged worker?
  8. What are the four types of unemployment?
  9. Which type of unemployment is the direct cause of our country (economy) contracting?
  10. In one to two sentences, please define, inflation?
  11. What does Gross Domestic Product (GDP) measure?
  12. What is the equation used to calculate Gross Domestic Product (GDP)?
  13. In two or more sentences describe the difference between Real Gross Domestic Product (GDP) and Nominal Gross Domestic Product?
  14. Identify at least three (3) factors that are omitted from our country Gross Domestic Product (GDP)?
  15. In one to two sentences, please define, the Human Development Index (HDI)?
  16. In one to two sentences, describe why Gross Domestic Product (GDP) is used as a key economic indicator?
  17. In two or more sentences describe what assumptions can be made about country’s that have a high Gross Domestic Product (GDP)?
  18. How is Gross Domestic Product (GDP) per capita calculated?
  19. If Real Gross Domestic Product (GDP) fall for two or more consecutive quarters, which phase of the business cycle would best describe our economy?
  20. In one to two sentences describe whether Real Gross Domestic Product (GDP) or Gross Domestic Product (GDP) is a better measure of our country’s well-being?

 

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