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- 1. Multiple ChoiceWhich is a final product in a bakery?CakeFlourEggsSugar
- 2. Multiple Choice
Cars, TVs, computers belong in which part of the GDP formula?
GDP = C+I+G+NX
Consumption Expenditures
Investment Expenditures
Government Expenditures
Net Exports
- 3. Multiple Choice
An airline buying a plane belong in which part of the GDP formula?
GDP = C+I+G+NX
Consumption Expenditures
Investment Expenditures
Government Expenditures
Net Exports
- 4. Multiple Choice
Tanks and roads belong in which part of the GDP formula?
GDP = C+I+G+NX
Consumption Expenditures
Investment Expenditures
Government Expenditures
Net Exports
- 5. Multiple Choice
What does X represent in calculating net exports?
X-M
Imports
Exports
Expenditures
None of the Above
- 6. Multiple ChoiceA British company purchases a one-year membership to PartyFolks.com, a U.S. based companyGDP increasesGDP decreasesNo change
- 7. Multiple ChoiceWhat type of GDP is calculated with the current year's prices?Nominal GDPReal GDPGDP per capita
- 8. Multiple ChoiceExpectant parents buy supplies for the nursery. Would this be included in GDP?Yes - Consumer SpendingYes - InvestmentNo - Intermediate goodsNo - Non-market activity
- 9. Multiple ChoiceThe trade in exotic animals being illegally sold as pets is a multi-billion-dollar-a-year industry. Is this included in GDP?Yes - Consumer spendingYes - Government SpendingNo - Underground EconomyNo - Non-market activity
- 10. 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)
- 11. Multiple ChoiceWhat does Per Capita Mean?Per HouseholdPer ObjectPer WorkerPer Person
- 12. Multiple Choice
GDP per capita is found by dividing a country's GDP by it's
population.
average birth rates.
number of households.
- 13. Multiple Choice
A higher GDP generally correlates to a(n) ___________ standard of living.
higher
lower
- 14. Multiple Choice
All of the following are excluded from GDP except
non-market goods and services
used goods
environmental quality
final goods and services
- 15. Multiple Choice
Which phase of the business cycle does the following scenario match?
GDP is falling and unemployment is rising
Trough
Contraction
Expansion
Peak
- 16. Multiple Choice
The Lowest point in the business cycle
Peak
Trough
Expansion
Contraction
- 17. Multiple Choice
Which letter represents the Contractionary (Recession) Phase?
A
B
C
D
- 18. Multiple Choice
Which letter represents the Expansionary (Recovery) Phase?
A
B
C
D
- 19. Multiple Choice
Which letter represents the Peak (Prosperity) Phase?
A
B
C
D
- 20. Multiple Choice
Which letter represents the Trough Phase?
A
B
C
D
- Answer choicesTagsAnswer choicesTags