Econ Test

Econ Test

11th Grade

30 Qs

quiz-placeholder

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Econ Test

Econ Test

Assessment

Quiz

Social Studies

11th Grade

Medium

Created by

Ryan O'Rourke

Used 1+ times

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

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

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

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

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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)

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A higher GDP generally correlates to a(n) ___________ standard of living.

higher

lower

unrelated

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is GDP?

Gross Domestic Product

Get Duties Prior

Gross Department Power

Gross Duties Peer

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Gross Domestic Product measured in current prices describes what?

Real GDP

Current GDP

Nominal GDP

Total GDP

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the total value of all final goods and services produced within a country in a given time?

NNP

Real GDP

Nominal GDP

Total GDP

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