L16 GDP

Poll

In which countries are people on average least satisfied with their lives?

• Low-income countries

• Middle-income countries

• High-income countries

Fill in the Blanks

Fredonia is a country that produces only surfboards and umbrellas. In 2020, the country produced 10 surfboards (the market price of which was $200) and 100 umbrellas (the market price of which was $15). Fredonia's GDP that year was $

.

Multiple Choice

Which category of GDP is affected by the following scenario? (Or, is the scenario not included in GDP calculations?)

"A farmer buys a new tractor"

• Consumption

• Investment

• Government Expenditures

• Net Exports

Multiple Choice

Which category of GDP is affected by the following scenario? (Or, is the scenario not included in GDP calculations?)

"You spend $7 to attend a movie"

• Consumption

• Investment

• Government Expenditures

• Net Exports

Multiple Choice

Which category of GDP is affected by the following scenario? (Or, is the scenario not included in GDP calculations?)

"A public school district decreases the length of the school year in order to lower spending"

• Consumption

• Investment

• Government Expenditures

• Net Exports

Multiple Choice

Which category of GDP is affected by the following scenario? (Or, is the scenario not included in GDP calculations?)

"Worried about economic instability, people start hiding cash under their mattresses instead of spending it on restaurants and clothes"

• Consumption

• Investment

• Government Expenditures

• Net Exports

Multiple Choice

Real GDP for Fredonia for 2021 using 2020 as the base year equals

• $2,750

• $3,500

• $4,325

• $5,500

Multiple Choice

In 2022, Australia and South Korea had roughly the same GDP: approximately 1.6 trillion in current U.S. dollars.

However, Australia's total population (almost 26 million people) is about half the size as South Korea's population (over 51 million people).

Which country has the higher GDP per capita?

• Australia

• South Korea