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Local Economic Indicators and Statistics

Description: Local Economic Indicators and Statistics Quiz
Number of Questions: 14
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Tags: local economy economic indicators statistics
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Which of the following is NOT a common measure of local economic activity?

  1. Gross Domestic Product (GDP)

  2. Unemployment Rate

  3. Consumer Price Index (CPI)

  4. Average Household Income

Show answer
Correct Option: A
Explanation:

GDP is a measure of national economic activity, not local economic activity.

What is the unemployment rate?

  1. The percentage of the labor force that is employed

  2. The percentage of the labor force that is unemployed

  3. The percentage of the population that is employed

  4. The percentage of the population that is unemployed

Show answer
Correct Option: B
Explanation:

The unemployment rate is calculated by dividing the number of unemployed people by the number of people in the labor force.

What is the Consumer Price Index (CPI)?

  1. A measure of the average price of goods and services purchased by consumers

  2. A measure of the average price of goods and services produced by businesses

  3. A measure of the average price of goods and services exported by a country

  4. A measure of the average price of goods and services imported by a country

Show answer
Correct Option: A
Explanation:

The CPI is a measure of the average price of goods and services purchased by consumers in urban areas.

What is average household income?

  1. The total income of all households in a given area divided by the number of households

  2. The total income of all individuals in a given area divided by the number of individuals

  3. The total income of all businesses in a given area divided by the number of businesses

  4. The total income of all governments in a given area divided by the number of governments

Show answer
Correct Option: A
Explanation:

Average household income is calculated by dividing the total income of all households in a given area by the number of households.

Which of the following is NOT a common source of local economic data?

  1. The U.S. Census Bureau

  2. The Bureau of Labor Statistics

  3. The National Bureau of Economic Research

  4. The local chamber of commerce

Show answer
Correct Option: C
Explanation:

The National Bureau of Economic Research is a private research organization that does not collect local economic data.

What is the most common measure of local economic growth?

  1. Gross Domestic Product (GDP)

  2. Gross National Product (GNP)

  3. Net Domestic Product (NDP)

  4. Net National Product (NNP)

Show answer
Correct Option: A
Explanation:

GDP is the most common measure of local economic growth because it is a measure of the total value of all goods and services produced in a given area.

What is the difference between GDP and GNP?

  1. GDP includes the value of goods and services produced by foreign-owned businesses in a given area, while GNP does not.

  2. GDP includes the value of goods and services produced by domestic-owned businesses in a given area, while GNP does not.

  3. GDP includes the value of goods and services produced by businesses in a given area, while GNP includes the value of goods and services produced by individuals.

  4. GDP includes the value of goods and services produced by individuals in a given area, while GNP includes the value of goods and services produced by businesses.

Show answer
Correct Option: A
Explanation:

GDP includes the value of goods and services produced by both domestic-owned and foreign-owned businesses in a given area, while GNP includes only the value of goods and services produced by domestic-owned businesses.

What is the difference between NDP and NNP?

  1. NDP includes the value of depreciation, while NNP does not.

  2. NDP does not include the value of depreciation, while NNP does.

  3. NDP includes the value of indirect taxes, while NNP does not.

  4. NDP does not include the value of indirect taxes, while NNP does.

Show answer
Correct Option: A
Explanation:

NDP includes the value of depreciation, while NNP does not. Depreciation is the decline in the value of an asset over time.

What is the most common measure of local unemployment?

  1. The unemployment rate

  2. The labor force participation rate

  3. The employment-to-population ratio

  4. The job vacancy rate

Show answer
Correct Option: A
Explanation:

The unemployment rate is the most common measure of local unemployment because it is a measure of the percentage of the labor force that is unemployed.

What is the difference between the unemployment rate and the labor force participation rate?

  1. The unemployment rate is a measure of the percentage of the labor force that is unemployed, while the labor force participation rate is a measure of the percentage of the population that is in the labor force.

  2. The unemployment rate is a measure of the percentage of the population that is unemployed, while the labor force participation rate is a measure of the percentage of the labor force that is unemployed.

  3. The unemployment rate is a measure of the percentage of the labor force that is employed, while the labor force participation rate is a measure of the percentage of the population that is employed.

  4. The unemployment rate is a measure of the percentage of the population that is employed, while the labor force participation rate is a measure of the percentage of the labor force that is employed.

Show answer
Correct Option: A
Explanation:

The unemployment rate is a measure of the percentage of the labor force that is unemployed, while the labor force participation rate is a measure of the percentage of the population that is in the labor force.

What is the difference between the employment-to-population ratio and the job vacancy rate?

  1. The employment-to-population ratio is a measure of the percentage of the population that is employed, while the job vacancy rate is a measure of the percentage of jobs that are vacant.

  2. The employment-to-population ratio is a measure of the percentage of the labor force that is employed, while the job vacancy rate is a measure of the percentage of jobs that are vacant.

  3. The employment-to-population ratio is a measure of the percentage of the labor force that is unemployed, while the job vacancy rate is a measure of the percentage of jobs that are vacant.

  4. The employment-to-population ratio is a measure of the percentage of the population that is unemployed, while the job vacancy rate is a measure of the percentage of jobs that are vacant.

Show answer
Correct Option: A
Explanation:

The employment-to-population ratio is a measure of the percentage of the population that is employed, while the job vacancy rate is a measure of the percentage of jobs that are vacant.

Which of the following is NOT a common measure of local inflation?

  1. The Consumer Price Index (CPI)

  2. The Producer Price Index (PPI)

  3. The Personal Consumption Expenditures Price Index (PCEPI)

  4. The Employment Cost Index (ECI)

Show answer
Correct Option: D
Explanation:

The Employment Cost Index (ECI) is a measure of the cost of labor, not a measure of inflation.

What is the difference between the CPI and the PPI?

  1. The CPI is a measure of the average price of goods and services purchased by consumers, while the PPI is a measure of the average price of goods and services produced by businesses.

  2. The CPI is a measure of the average price of goods and services produced by businesses, while the PPI is a measure of the average price of goods and services purchased by consumers.

  3. The CPI is a measure of the average price of goods and services exported by a country, while the PPI is a measure of the average price of goods and services imported by a country.

  4. The CPI is a measure of the average price of goods and services imported by a country, while the PPI is a measure of the average price of goods and services exported by a country.

Show answer
Correct Option: A
Explanation:

The CPI is a measure of the average price of goods and services purchased by consumers, while the PPI is a measure of the average price of goods and services produced by businesses.

What is the difference between the PCEPI and the CPI?

  1. The PCEPI is a measure of the average price of goods and services purchased by consumers, while the CPI is a measure of the average price of goods and services produced by businesses.

  2. The PCEPI is a measure of the average price of goods and services produced by businesses, while the CPI is a measure of the average price of goods and services purchased by consumers.

  3. The PCEPI is a measure of the average price of goods and services exported by a country, while the CPI is a measure of the average price of goods and services imported by a country.

  4. The PCEPI is a measure of the average price of goods and services imported by a country, while the CPI is a measure of the average price of goods and services exported by a country.

Show answer
Correct Option:
Explanation:

The PCEPI is a measure of the average price of goods and services purchased by consumers, while the CPI is a measure of the average price of goods and services purchased by consumers in urban areas.

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