Have an account?
Skip to Content
Build your own quiz
26 questions
Show Answers
See Preview
- 1. Multiple ChoiceWhich is a final product in a bakery?CakeFlourEggsSugar
- 2. Multiple ChoiceCars, TVs, computers belong in which part of the GDP formula?
GDP = C+I+G+(X-M)Consumption ExpendituresInvestment ExpendituresGovernment ExpendituresNet Imports - 3. Multiple ChoiceAn airline buying a plane belong in which part of the GDP formula?
GDP = C+I+G+(X-M)Consumption ExpendituresInvestment ExpendituresGovernment ExpendituresNet Imports - 4. Multiple ChoiceTanks and roads belong in which part of the GDP formula?
GDP = C+I+G+(X-M)Consumption ExpendituresInvestment ExpendituresGovernment ExpendituresNet Imports - 5. Multiple ChoiceWhat does X represent in calculating net imports?
X-MImportsExportsExpendituresNone of the Above - 6. Multiple ChoiceWhat does M represent in calculating net imports?
X-MImportsExportsTaxesNone of the Above - 7. Multiple Choice
A British company purchases a one-year membership to PartyFolks.com, a U.S. based company
U.S. GDP increases
U.S. GDP decreases
No change
- 8. Multiple ChoiceWhat type of GDP is calculated with the current year's prices?Nominal GDPReal GDPGDP per capita
- 9. Multiple Choice
Expectant parents buy supplies for the nursery. Would this be included in GDP?
Yes - Consumer Spending
Yes - Investment
No - Intermediate goods
No - Non-market activity
- 10. Multiple Choice
The trade in exotic animals being illegally sold as pets is a multi-billion-dollar-a-year industry. Is this included in GDP?
Yes - Consumer spending
Yes - Government Spending
No - Underground Economy
No - Non-market activity
- 11. Multiple ChoiceGDP is calculated byadding up the cost of goods used in producing the itemsubtracting all costs from total revenueadding consumption + investment +government spending+ (exports sold - imports bought)
- 12. Multiple ChoiceEach individual on food stamps in Delaware can receive up to $194 a month. Is this included in government spending?Yes - Government spendingYes - Consumer SpendingNo - Intermediate GoodsNo - Purely financial Transaction
- 13. Multiple Choice
A shoe produced in South Korea and sold in the U.S.
Included in U.S. GDP
Included in South Korea GDP
Included in Canadian GDP
- 14. Multiple ChoiceWhat does Per Capita Mean?Per HouseholdPer ObjectPer WorkerPer Person
- 15. Multiple Choice
GDP per capita is found by dividing a country's GDP by it's
population.
average birth rates.
number of households.
- 16. Multiple Choice
A higher GDP generally correlates to a(n) ___________ standard of living.
higher
lower
unrelated
- 17. Multiple Choice
All of the following are excluded from GDP except
non-market goods and services
used goods
environmental quality
final goods and services
- 18. Multiple Choice
Nominal GDP is not a good measure of economic output. Why?
Nominal GDP does not adjust for price changes over time.
Nominal GDP does not capture true economic activity.
Nominal GDP is not able to be used to make international comparisons.
- 19. Multiple Choice
To be certain that a country is producing more from year to year, economists look to see that ________________ has _________________.
GDP; decreased
GDP; increased
Real GDP; decreased
Real GDP; increased
- 20. Multiple Choice
The Business Cycle measures ___ over time.
wealth
inflation
economic growth
- 21. Multiple Choice
Economic recovery begins-
above the trend line
at the end of a recession (trough)
at the "boom" period
- 22. Multiple Choice
Costco builds a new store in Noblesville, Indiana. Where would this show up in the GDP formula? (GDP=C+I+G+(X-M))
Consumption (Consumer)
Investment (Business)
Government Spending
Exports-Imports
- 23. Multiple Choice
John went to Sports Clips and purchased a haircut. Where would this show up in the GDP formula?
Consumption (Consumer)
Investment (Business)
Government Spending
Exports-Imports
- 24. Multiple Choice
The Nation of Nardrupia has a very high GDP. If that is the case, which of the following concerning life in the country is true?
People have a great standard of living.
Everyone in the country is wealthy.
The country has a market economy.
A high GDP tells you nothing about life in the country.
- 25. Multiple Choice
If GDP falls for at least 2 Quarters, it is considered what stage of the business cycle?
Expansion
Recession
Prosperity
Recovery
- 26. Multiple Choice
Which would most likely occur during a period of recession?
Real gross domestic output falls
Unemployment rate falls
Production increase
Personal income increases
- Answer choicesTagsAnswer choicesTags