Gross Domestic Product

Multiple Choice

In 2015, net exports was a negative number. What does this say about the relative amounts of exports and imports?

• there were more imports than exports

• the were more exports than imports

• imports and exports stay the same

• imports and exports are unrelated

Multiple Choice

Did households (consumption), businesses (Investments), or the government contribute the most to U.S. GDP in 2015?

• government

• business

• household

• exports

Multiple Choice

Nominal GDP states GDP in terms of the current value of goods and services.

Real GDP states GDP corrected for changes in prices from year to year

About how much did nominal GDP increase from 1995 to 2005?

• $5 Trillion

• $4 Trillion

• $2.5 Million

• $ 1 Trillion

Multiple Choice

Nominal GDP states GDP in terms of the current value of goods and services.

Real GDP states GDP corrected for changes in prices from year to year

About how much did real GDP increase over the same period?

• $2.5 Trillion

• $4 Trillion

• $2.5 Million

• $ 1 Trillion