Measuring the Size of an Economy

What does GDP stand for?

• Gross Domestic Product

• Government Development Program

• Global Distribution Process

• General Data Protection

Which component of GDP measures consumer spending?

• Investment

• Government Spending

• Net Exports

• Consumption

What does investment in GDP include?

• Spending on physical goods

• Spending on services

• Spending on buildings and equipment

• Spending on defense

Which country has the largest GDP?

• United Kingdom

• France

• United States

• China

What is the formula to calculate GDP?

• Consumption + Investment + Government Spending + Net Exports

• Investment + Consumption + Net Exports + Government Spending

• Government Spending + Net Exports + Consumption + Investment

• Net Exports + Government Spending + Investment + Consumption

What is the term used for two consecutive quarters of negative GDP growth?

• Recession

• Inflation

• Depression

• Stagnation

Which factor is not considered in GDP measurement?

• Production and manufacturing

• Services and the digital economy

• Economic equality and well-being

• Unpaid work and illegal activity

What does GDP exclude?

• Pollution and illegal activity

• Consumer spending and investment

• Government spending and net exports

• Physical goods and services

Which country has negative net exports of coffee?

• United Kingdom

• France

• United States

• China

What are some alternative measures to GDP?

• Overall happiness and quality of life

• Consumer spending and investment

• Government spending and net exports

• Physical goods and services