1) What is the unemployment rate formula?  a) Number unemployed/Labour force * 100 b) Labour force/Number unemployed * 100 c) Labour force * 100 d) Number employed/100 2) Define GDP  a) The average income earned by individuals in a nation. b) The sum of all government spending within a country. c) The measurement of inflation rate in an economy. d) The total market value of all goods and services produced within a country in a given period of time. 3) Define Real GDP  a) Values the production of g + s at current price b) Values production of g + s at constant prices removing the effect of price inflation c) Measures total income and expenditures of people in an economy 4) When unemployed are you actively seeking employment or waiting for a new job to start?  a) Yes b) No 5) What is inflation?  a) Increase in supply of money and fall in value or purchasing power of the money. b) A decrease in the general level of prices in the economy. c) The expansion of employment opportunities d) The fluctuation in the value of a currency against other currencies 6) Define Microeconomics a) Study of individual parts or sectors of an economy b) The study of the impact of government regulations on the economy c) The analysis of individual economic units, such as households and firms d) The study of the overall behavior of the economy as a whole 7) What is an example of microeconomics? a) GDP b) Profit of a business c) Unemployment

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