Domain 3 & 4 Review

The total value of all goods and services produced in a country every year.

• Imports

• Exports

• Gross Domestic Product (GDP)

• Literacy Rate

A country’s GDP divided by its total population.

• GDP per capita

• GDP growth rate

• Gross Domestic Product

• Literacy rate

A tax placed on imported goods

• Tariff

• Quota

• Embargo

• Standard of living

A limit on the quantity of an item brought into a country

• Tariff

• Quota

• Embargo

• Standard of living

Which is the following is included in GDP?

• an intermediate good

• a service produced and used in another country

• a fish that you catch and eat yourself

• a fish that you buy at a store

The inflation rate is

• the ability to buy goods or services

• measured in fixed dollars

• not an important measure to economists

• the percentage change in prices over time

Inflation reduced people's purchasing power because

• the same amount of money buys ore goods and services

• the same amount of money buys fewer goods and services

• the market basket has to be changed every year

• there is not enough money in the economy

Is this counted in the GDP of the US?

The federal government purchases a new submarine for the US Navy.

• Yes

• No

In which part of the GDP calculation does this fit?

You spend $15 at AMC to see the latest Avengers movie.

• Consumer spending

• Government spending

• Investment spending

• Net exports

In which part of the GDP calculation does this fit?

The local taxi service purchases new vehicles for the

company.

• Consumer spending

• Government spending

• Investment spending

• Net exports