GDP Test

Front

Gross Domestic Product (GDP) ONLY refers to the total of FINAL goods and services produced in a country in one year.

Back

True

Front

What type of GDP is calculated with the current year's price?

Back

Real GDP

Front

High level of GDP per capita indicate . .

Back

Higher standard of living

Front

What type of GDP shows the average level of wealth in a country?

Back

GDP per capita

Front

Per Capita

Back

Per Person

Front

The Income Approach of Calculating GDP includes . .

Back

All income made from selling all final goods

Front

GDP

Back

Gross Domestic Product

Front

What is inflation?

Back

rise in general prices

Front

Is the trade in exotic animals being illegally sold as pets included in GDP?

Back

No - Underground Economy

Front

A shoe produced in South Korea and sold in the U.S.

Back

Included in South Korea GDP