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- 1. Multiple ChoiceThe market value of all final products produced in a country during a specific time period.Standard of LivingAnnual SalesProduct ValueGross Domestic Product
- 2. Multiple ChoiceThe 4 components of GDP are consumer spending, business investment, government spending, and ______.Economic GrowthNet ExportsNet ImportsInflation
- 3. Multiple ChoiceAlternating periods of expansion and contraction in the economy.business cyclespecializationFederal Reserve Systemproductivity
- 4. Multiple ChoiceA measure of a worker's production in a specific amount of time.business cyclespecializationFederal Reserve Systemproductivity
- 5. Multiple ChoiceWhat does Per Capita Mean?Per HouseholdPer ObjectPer WorkerPer Person
- 6. Multiple ChoiceWhich of the following is NOT a component of GDP?Consumer SpendingInvestmentSpendingNet Exports
- 7. Multiple ChoiceWhat does GDP stand for?Glad Dad paidGross Domestic ProductGuilty Dog PeterDoesn't stand for anything
- 8. Multiple ChoiceWhat type of economy is the USA?MarketCommandMixed
- 9. Multiple ChoiceWhat type of economy is North Korea?CommandMixedMarket
- 10. Multiple ChoiceWhen calculating GDP, which of the following is subtracted?government spendingexport spendingimport spendinginvestment by business
- 11. Multiple ChoiceIllegal goods and services that are produced are...included as an estimate in GDPincluded in GDP when the authorities can prove the amountincluded in the consumption category of GDPnot counted in GDP
- 12. Multiple ChoiceCash you earn from babysitting...is counted as consumption in GDPis not counted in GDP b/c it's not reported on tax formsnot counted in GDP b/c it's a transfer paymentincluded in investment sector of GDP if you save it
- 13. Multiple ChoiceComponents of GDP are...consumption, investment, government purchases, and foreign exchange marketconsumption, investment, government purchases, and export spending minus import spendingconsumption, investment, transfer payments, and importsconsumption, investment, the money supply, and government purchases
- 14. Multiple ChoiceGeneral Motors buys new automated equipment for use in building cars. This falls under...consumptioninvestmentgovernment spendingexport spending
- 15. Multiple ChoiceHigh levels of GDP per capita indicate...Higher levels of happinessHigher standard of livingEqual levels of wealthSelf-sufficient communities
- 16. Multiple ChoiceWhat is the 1st economic goal of each country?Limit InflationLimit UnemploymentPromote Economic GrowthMeasure expenditures
- 17. Multiple ChoiceGDP includes all of the goods and services created by businesses outside of a country’s borders.TrueFalse
- 18. Multiple ChoiceWe determine a country’s economic growth by using GDP.TrueFalse
- 19. Multiple ChoiceCompleted goods counted in the GDPFinal GoodsDurable GoodsIntermediate GoodsNon-Durable Goods
- 20. Multiple Choice
GDP per capita is found by dividing a country's GDP by it's
population.
average birth rates.
number of households.
- Answer choicesTagsAnswer choicesTags