Gross Domestic Product (GDP)

What type of GDP is calculated with the current year's prices?

• Nominal GDP
• Real GDP
• GDP per capita

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

• True
• False

Which of the following goods is included in GDP?

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

The U.S. Government hired 10 Chinese-language experts to train U.S. Workers.

• GDP increases
• GDP decreases
• No change

Lauren coaches softball and gets paid in cash each week.  Is this included in GDP?

• Yes - Consumer Spending
• Yes - Investment 
• No - Underground Economy
• No - Purely financial transaction 

What type of GDP shows the average level of wealth in a country?

• Nominal GDP
• Real GDP
• GDP per capita

The Expenditures Approach of Calculating GDP includes...

• All spending on final products in the year.
• All Income made from selling all final goods.
• All costs on all products.
• The amount of people involved in production.

GDP means...

• The amount of money produced in the world.

• The increasing economy from one country to another.

• The monetary value of all finished goods and services made within a country during a specific period of time.

• The monetary value of all goods and services produced in the world in a year.

It is an example of a finished good or service.

• A wheel

• A car door

• A car

• The engine

If you make dinner for yourself

• the market value of your dinner is added to GDP. 
• your service in preparing the meal is valued at a cook's wage and added to GDP. 
• none of what you bought to prepare for dinner is included in GDP. 
• only the market value of ingredients that you purchased this year is added to GDP.