Economics Principles and Practices © 2012 Georgia

Chapter 12: Macroeconomic Performance

Self-Check Quizzes

1
The most important measure of the country's overall economic performance is _____.
A)Gross National Product (GNP)
B)Gross Domestic Product (GDP)
C)net national product (NNP)
D)national income (NI)
2
The basic unit of the consumer sector of the macro economy is _____.
A)a proprietorship
B)the household
C)the family
D)local government
3
The actual amount of money consumers are able to spend is known as _____.
A)personal income
B)disposable personal income
C)national income per capita
D)GDP per capita
4
Which of the following means that GDP has been adjusted for inflation?
A)current GNP
B)nominal GDP
C)current GDP
D)real GDP
5
Slow population growth may result in ______.
A)population outstripping production
B)a decrease in per capita GDP
C)too few workers for economic growth
D)a decrease in the quality of life
6
All the following factors are important to population growth EXCEPT _____.
A)fertility
B)dependency ratio
C)life expectancy
D)immigration levels
7
The size and age of the “baby boom” generation is a major concern for the future because as “boomers” retire _____.
A)employers will not have to pay as much for younger replacements
B)there will be a huge strain on government programs like Medicare and Social Security
C)younger workers will be over-qualified to replace the boomers
D)their increased spending habits could cause serious inflation
8
When evaluating distribution of income, economists take all the following steps EXCEPT _______.
A)ranking incomes of all families from highest to lowest
B)factoring in income supplements such as food stamps
C)dividing the ranking into quintiles, or fifths
D)plotting a Lorenz curve, which shows variations from an equal distribution
9
Enterprise zones refer to a program in which ______.
A)the federal government provides matching funds for state programs
B)companies can locate free of some local, state, and federal taxes
C)welfare recipients exchange some of their labor for benefits
D)the federal government pays a majority of health-care costs
10
Which of the following statements about workfare program is CORRECT?
A)Welfare recipients are required to look for jobs.
B)Recipients may have the opportunity to learn new skills.
C)All welfare recipients must provide their labor in exchange for benefit payments.
D)Companies that hire people on welfare do not have to pay any taxes.
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