GDP-Quiz

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

Business spending on physical capital, new homes, and inventories is counted in which component of GDP?

• consumption
• investment
• government spending
• imports-exports

Goods, services, and intermediate products produced in other countries.

• import
• export

The total dollar value of all final goods and services produced within the country’s border in a given year.  This measure includes inflation.

• Gross National Product (GNP)
• Gross Income Measure (GIM)
• Nominal Gross Domestic Product (GDP)

The total dollar value of all final goods and services produced within the country’s border in a given year after inflation is taken out of the data.

• Nominal GDP
• GDP/capita
• Gross GDP
• Real GDP

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

• YES
• NO

Which causes United States GDP to increase?

• Japan buys government securities
• Japan sells Japanese securities to the US
• The United states sells more goods to Japan
• The United States buys more Japanese goods

Which items are added together to get Gross Domestic Product?

• Consumption, government spending, net exports, and treasury bonds
• Consumption, Interest payments, government spending, and net exports
• Consumption, aggregate demand, aggregate supply, and net exports
• Consumption, investment, government spending, and net exports

The formula for GDP is

• C+X+G+Y
• C-I-G-Xn
• C+I+G+NX
• I+G-Xn-Xi

Which of the following goods is included in GDP?

• Dresses
• Screws used in a cruise missile
• Flour for making bread
• Cloth for making dresses