GDP quiz

Venezuela is seeing high unemployment, and consumer spending is down. Which is likely to occur as a result?

• Unemployment will decrease

• Inflation will decrease

• The CPI will decrease

• GDP will decrease

Which economic measure do economists use to show the total output of goods and services produced by a nation?

• Productivity Rate

• Gross Domestic Product

• Total Productivity Index

• Inflation Rate

What would be the likely outcome of an increase in taxes on all Americans?

• Decrease in consumer spending and GDP

• Increase in Investment Spending and GDP

• Increase in consumer spending, but decrease in GDP

• Increase in Exports, decrease in imports, and increase in GDP

Which of the following would increase GDP? (two are correct)

• If the government increases spending

• If the government decreases spending

• If the government increases taxes

• If the government decreases taxes

Which of the following is true about net exports in the US?

• It is negative

• Imports are lower than exports

• Net exports are higher than consumer spending

• All of these are correct.

Inflation measures which of the following

• Total Productivity

• Unemployment Rate

• Price Level

• Co2 Levels

What is the term for the study of an entire country/region/world?

• Aggregate Economics

• GDP

• Macroeconomics

• Microeconomics

Which of the following would NOT be counted in GDP?

• Ground Beef to be used for a Whopper

• Cheese to be used on a burger at a party

• Ketchup purchased by a family at the grocery store

• Buns to be used for kid's pre-made lunches

When Geico buys a Ford car for their adjusters to look at accident damage:

• Consumer Spending

• Investment Spending

• Government Spending

• Net Exports

When you buy Takis

• Consumer Spending

• Investment Spending

• Government Spending

• Net Exports