Econ Chapter 12 Self-Assessment

Econ Chapter 12 Self-Assessment

12th Grade

•

64 Qs

quiz-placeholder

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Econ Chapter 12 Self-Assessment

Econ Chapter 12 Self-Assessment

Assessment

Quiz

•

Social Studies

•

12th Grade

•

Medium

Created by

Brad Poock

Used 49+ times

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64 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

(A)

Dolly spends $400 on used textbooks at the beginning of the semester in college. Is this included in the GDP?

YES

NO

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

(A)

The value of the output of all final goods and services produced within a country in a year.

total ouput

Gross Domestic Product

national income

net domestic product

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

(A)

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

True

False

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

(A)

What is one reason that a country could have a high GDP?

Because they have high wages.

Because they have a highly educated population.

Because they have low taxes.

Because they love going to space.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

(A)

Which is an example of investment in human capital?

trucks

factories

education

highways

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

(A)

How does investment in capital goods by companies help a country increase its GDP?

The GDP of a country goes down when companies make more money

Companies that invest in capital goods are able to provide a better place for their workers to work

Highly trained workers help the company be more profitable by finding ways to help the company work better.

When a company invests in capital, it can produce more goods at a better price and increase the profit that it makes.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

(A)

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)

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