GDP Quiz 1.1

A shoemaker increases its bulk purchases of leather to keep up with demand.  Is this included in GDP?

• Yes - Investment 
• Yes - Government Spending
• No - Intermediate Goods
• No - used item

The federal government is expected to spend $3.95 trillion this year.  Will this be counted in GDP?

• YES
• NO

Mark always changes his own oil.  Is this effort counted in GDP?

• No - Black Market
• No - Non-market Activity
• No - Unreported Income
• No - Purely financial transaction 

Lauren coaches softball and gets paid in cash each week.  Is this included in GDP?

• Yes - Consumer Spending
• Yes - Investment 
• No - Underground Economy
• No - Purely financial transaction 

Ms. Eckert just bought a new watch.  Does this count in GDP?

• Yes 
• No

Each individual on food stamps in Delaware can receive up to $194 a month.  Is this included in government spending?

• Yes - Government spending
• Yes - Consumer Spending
• No - Intermediate Goods
• No - Purely financial Transaction 

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

• Included in U.S. GDP
• Included in South Korea GDP
• Included in Canadian GDP

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

• Nominal GDP
• Real GDP
• GDP per capita

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

• Nominal GDP
• Real GDP
• GDP per capita

High levels of GDP per capita indicate...

• Higher levels of happiness 
• Higher standard of living
• Equal levels of wealth 
• Self-sufficient communities