Honors Econ: GDP

High levels of GDP per capita indicate...

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

Expectant parents buy supplies for the nursery.  Would this be included in GDP? 

• Yes - Consumer Spending
• Yes - Investment 
• No - Intermediate goods
• No - Non-market activity

The trade in exotic animals being illegally sold as pets is a multi-billion-dollar-a-year industry.  Is this included in GDP?

• Yes - Consumer spending
• Yes - Government Spending
• No - Underground Economy 
• No - Non-market activity 

Daytona International Speedway will sell millions of dollars of NASCAR merchandise on race weekend. Will this be included in GDP?

• Yes - Investment

• Yes - Consumer Spending

• No - used items

• No - intermediate goods

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

• total inputs

• Gross Domestic Product

• national expenses

• net domestic product

gross domestic product measured in current prices

• gdp
• nominal gdp
• real gdp
• gnp

period of economic growth as measured by a rise in real GDP

• peak
• contraction
• trough
• expansion

which of the following is NOT included when calculating GDP for the United States

• Cars manufactured in Japan, but sold in the United States
• Cars manufactured in the United States, but sold in Japan
• Cars manufactured in Michigan, but sold in Minnesota
• Cars manufactured in Michigan, but sold to the government

Which of the following goods is included in GDP?

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

Gross domestic product adjusted for changes in prices is called

• Corrected GDP
• Nominal GDP
• Price GDP
• The value of goods produced in a Real GDP