GDP Review

What is the equation of GDP?

• C + I + (X+N)

• C + I + G

• C + I + G + (X-N)

• C + G + U + (X+N)

In the GDP equation, what does the 'C' stand for?

• Consumer spending

• Consumer income

• Convoy

• Consumer health

In the GDP equation, what does the 'I' stand for?

• Intelligent spending

• Investor spending

• Incredible spending

• Investment spending

In the GDP equation, what does the 'G' stand for?

• Government taxes

• Government spending

• Government budget

• Good Government

In the GDP equation, what does the 'X' stand for?

• Extra Spending

• Excellent

• Exports

• Extra Cool

In the GDP equation, what does the 'M' stand for?

• Imports

• Machines and Capital

• Mal

• Mixed economy

Which of the following is the best measurement of economic growth?

• Nominal GDP

• Real GDP

• GDP per capita

• Real GDP per capita

Which of the following is the best measurement of a country's living standard?

• Nominal GDP

• Real GDP

• GDP per capita

• Real GDP per capita

What is the total value of all final goods and services produced in the economy in a given year?

• Unemployment rate

• Supply and Demand

• GDP

• Communism

What is GDP divided by the size of the population?

• Nominal GDP

• GDP per capita

• The labor force participation rate

• GDP extra