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- 1. Multiple Choice
The gross domestic product is equal to the total ________ of a nation.
supply and demand
population
debt
goods and services
- 2. Multiple Choice
What is an example of a good and/or service?
giving advice to a friend
receiving a grade on your homework
paying a repairman to fix your bike
playing in a public park
- 3. Multiple Choice
Whose spending is included in GDP?
consumers
businesses
government
all of the above
- 4. Multiple Choice
Net exports is equal to ________ minus imports.
exports
productivity
services
population
- 5. Multiple Choice
When is GDP measured?
hourly and weekly
daily
yearly and quarterly
once every century
- 6. Multiple Choice
What does nominal GDP mean?
GDP is calculated using current prices.
GDP is calculated only with goods and services costing less than $10.
GDP is calculated taking inflation into account.
GDP is calculated without government spending.
- 7. Multiple Choice
What does real GDP mean?
GDP is calculated using current prices.
GDP is calculated only with goods and services costing less than $10.
GDP is calculated taking inflation into account.
GDP is calculated without government spending.
- 8. Multiple Choice
If China’s GDP was 10 trillion and its population 1.4 billion in 2014, what is the correct way to solve for China’s GDP per capita?
10 trillion minus 1.4 billion
10 trillion divided by 1.4 billion
10 trillion plus 1.4 billion
10 trillion multiplied by 1.4 billion
- 9. Multiple Choice
In 2014, America’s GDP was ________ trillion.
8
10
17
64
- 10. Multiple Choice
True or false: A fall in per capita GDP means economic growth and productivity?
True
False
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