GDP Formative A

GDP stands for (a)   ​ (b)   ​ (c)  

• Gross
• Domestic
• Product
• Government
• Diagram
• Process

Label the components of GDP

b

c

d

a

Net Exports

Investment

Consumption

Gov. Spend.

Real GDP is adjusted for (a)   .

• inflation
• local differences
• opportunity cost

Which concept is NOT a goal of macroeconomics?

• 1. Striving for Economic Growth

• 1. Full Employment

• 1. Price Stability

• Hyperinflation

Net Exports = (a)   .

• Exports - Imports
• total of fishing nets
• all of the exports added up

Frank just bought a new truck. Select anything that is a final good from the list below.

• The whole truck

• The spare tire

• The paint

• All of the logos

Organize these options into the right categories

Groups:

(a) Included in GDP

,

(b) Not included in GDP

• Raw materials

• Final price

• Goods made that year

• Intermediate goods

• Domestic goods only

• Used items

• DIY

• Final Goods

GDP measures ​ (a)  

• everything bought in that country for that year
• all intermediate goods
• how disgusting things are
• how tall you are

The general rise in prices over time

• Inflation

• GDP

• Consumption

• greedy business owners

Select all of the intermediate goods

• The paint

• the steel

• The whole Tractor

• The glass