Title: Health of the Economy
Course: Demo 1

Q: The market value of all goods and services produced by the economy in a given year is known as:
- Rate of Inflation
- Consumer Price Index (CPI)
- Unemployment rate
- Gross Domestic Product (GDP)
A: Gross Domestic Product (GDP)

Q: The unemployment rate is:
- the percentage of adults who are able to work but are unemployed.
- the percentage of the labor force that is unemployed or underemployed.
- the fraction of the population that makes up the working age labor force.
- the percentage of the labor force that is unemployed and actively seeking work.
A: the percentage of the labor force that is unemployed and actively seeking work.

Q: Statistics that indicate change in the status of the economy a few months in the past are called ________ economic indicators.
- leading
- prognosticating
- lagging
A: lagging

Q: All economies in the world share three primary goals, which are:
- growth, happiness, and price stability.
- Productivity, high employment, and price stability
- growth, high employment, and price stability.
A: growth, high employment, and price stability.

Q: Economic indicators:
- are data or statistics used to judge the current or future health of the economy.
- are largely collected and released by government agencies or non-profit groups.
- can help identify new business opportunities in specific industries.
A: are data or statistics used to judge the current or future health of the economy.; are largely collected and released by government agencies or non-profit groups.; can help identify new business opportunities in specific industries.

Q: Using the Consumer Price Index, inflation can be calculated in terms of how the overall cost of ________ changes over time.
- large household goods and high-price services
- all goods and services
- an average basket of goods and services
A: an average basket of goods and services

Q: The percentage change in the weighted average price of consumer goods and services from one time period to the next is the ________.
- GDP deflator
- price index rate
- consumer price index
- inflation rate
A: inflation rate

Q: Reginald looked for work for six months but could not find a job that he wanted or was qualified for so he stopped seeking employment. For purposes of calculating the unemployment rate, he is considered:
- unemployed
- employed
- out of the labor force
A: out of the labor force

Q: If the Consumer Price Index was 120 at the end of last year and is 125 at the end of this year, the country is experiencing which of the following?
- expansion
- deflation
- stagnation
- inflation
A: inflation