GDP & Inflation Review

Front

Which is the following is included in GDP? Options: an intermediate good, a service produced and used in another country, a fish that you catch and eat yourself, a fish that you buy at a store

Back

a fish that you buy at a store

Front

A general increase in prices is called

Back

inflation

Front

The inflation rate is

Back

the percentage change in prices over time

Front

Inflation reduced people's purchasing power because

Back

the same amount of money buys fewer goods and services

Front

Is this counted in the GDP of the US? The federal government purchases a new submarine for the US Navy.

Back

Yes

Front

In which part of the GDP calculation does this fit? You spend $15 at AMC to see the latest Avengers movie.

Back

Consumer spending

Front

In which part of the GDP calculation does this fit? The US military spends $5 billion on five new helicopters.

Back

Government spending

Front

In which part of the GDP calculation does this fit? The local taxi service purchases new vehicles for the company.

Back

Investment spending

Front

In which part of the GDP calculation does this fit? Australia exported $6 billion worth of goods in 2018, but imported $10 billion in goods.

Back

Net exports

Front

Which of the following would be included in the calculation of GDP? Final goods, Intermediate goods, Second hand goods, Black market activity

Back

Final goods