EPF 5.01 GDP Practice

What type of GDP is calculated with the current year's prices?

• Nominal GDP
• Real GDP
• GDP per capita

The most important measure of economic growth is... 

• GNP
• GNC
• DDP
• GDP

What is the 1st economic goal of each country?

• Limit Inflation
• Limit Unemployment
• Promote Economic Growth
• Measure expenditures

Gross Domestic Product (GDP) ONLY refers to the total value of FINAL goods and services produced in a country in one year

• True
• False

Which of the following goods is included in GDP?

• Dresses
• Screws used in a cruise missile
• Flour for making bread
• Cloth for making dresses

The U.S. Government hired 10 Chinese-language experts to train U.S. Workers.

• GDP increases
• GDP decreases
• No change

Lauren coaches softball and gets paid in cash each week.  Is this included in GDP?

• Yes - Consumer Spending
• Yes - Investment 
• No - Underground Economy
• No - Purely financial transaction 

What type of GDP shows the average level of wealth in a country?

• Nominal GDP
• Real GDP
• GDP per capita

Which is an example of investment in human capital?

• trucks
• factories
• education
• highways

High levels of GDP per capita indicate...

• Higher levels of happiness 
• Higher standard of living
• Equal levels of wealth 
• Self-sufficient communities