GDP questions for PPT

GDP questions

by Shauna-Kay Herah

Multiple Choice

GDP is calculated by

• adding up the cost of goods used in producing the item
• subtracting all costs from total revenue
• adding consumption + investment +government spending+ (exports sold - imports bought)

Multiple Choice

GDP measures the:

• Total market value of intermediate goods and services produced by the citizens of a country in a given year.

• Total market value of all final goods and services produced in an economy in a given year.

• Change in total employment at U.S. owned firms over the course of a given year.

• Change in production levels at U.S. owned firms measured quarterly.

Multiple Choice

Is this counted in the GDP of the US?

Cars made by a US company in South Korea.

• Yes

• No

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Multiple Choice

Is this counted in the GDP of the US?

A new home that was recently built.

• Yes

• No

Multiple Choice

In which part of the GDP calculation does this fit?

You spend $15 at AMC to see the latest Avengers movie.

• Consumer spending

• Government spending

• Investment spending

• Net exports

Multiple Choice

In which part of the GDP calculation does this fit?

The local taxi service purchases new vehicles for the

company.

• Consumer spending

• Government spending

• Investment spending

• Net exports

Multiple Choice

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.

• Consumer spending

• Government spending

• Investment spending

• Net exports

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Open Ended

Type your answer to GDP at market price Question

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Open Ended

Type your answer to GDP at factor cost Question