GDP

High levels of GDP per capita indicate...

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

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

What is the 1st economic goal of each country?

• Limit Inflation
• Limit Unemployment
• Promote Economic Growth
• Measure expenditures

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 

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)

Old Mr. Davidson collects a Social Security check every month. Is this included in government spending?

• Yes - Government spending

• Yes - Consumer Spending

• No - Intermediate Goods

• No - Purely financial Transaction