GDP Quiz

Is this counted in the GDP of the US?

Cars made by a US company in South Korea.

• Yes

• No

Is this counted in the GDP of the US?

The materials (lumber, cement, bricks) used to build a house.

• Yes

• No

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

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

• higher

• lower

• unrelated

What is the total value of all final goods and services produced in the economy in a given year?

• Unemployment rate

• Supply and Demand

• GDP

• Communism

GDP per capita takes into consideration:

• Inflation

• Population

• Prices

According to this image, the United States exported 200 billion in goods and services, and imported 150 billion. This category is what part of GDP?

• Household Consumption/ C

• Business Investment/ I

• Government Purchases/ G

• Net Exports/ NX

What is the best measure of a nation's standard of living?

• real GDP per capita

• population growth

• savings

• government spending

Which is the following is included in GDP?

• an intermediate good

• a service produced and used in another country

• a fish that you catch and eat yourself

• a fish that you buy at a store

Which of the 4 categories of GDP does this scenario fall into?

A business purchases computer software and tablets for their employees

• Consumer expenditure

• Investments

• Government spending

• Net exports