GDP Quiz

What does GDP stand for?

• General Dollar Product

• Gross Domestic Product

• Government Domestic Policy

• General Domestic Product

Who measures the Gross Domestic Product (GDP) in the United States?

• The U.S. Department of Commerce

• The U.S. Bureau of Economic Analysis

• The Federal Reserve

• The U.S. Department of the Treasury

What does the U.S. GDP measure?

• The total number of goods imported by the U.S.

• The market value of all services provided in the U.S.

• The market value of all final goods and services produced in the U.S. in a calendar year

• The total exports of the U.S.

In what currency is the U.S. GDP measured?

• Euro

• British Pound

• U.S. Dollar

• Japanese Yen

Is the U.S. GDP adjusted for inflation?

• Yes, it is always adjusted for inflation.

• No, it is measured in "current dollars."

• Yes, but only during economic crises.

• No, it is measured in "nominal" numbers.

What does GDP measure according to the text?

• The production of intermediate goods and services only

• The production of final goods and services only

• Both the production of final and intermediate goods and services

• The production of secondhand goods and services

Why are secondhand sales excluded from GDP?

• Because they are part of the underground economy

• Because they make up a significant portion of the market

• Because no new production is created

• Because they are difficult to trace and not counted

Which of the following is NOT a reason why the underground economy is difficult to include in GDP calculations?

• It includes black market activities

• It is easy to trace and count

• It ranges from drug trade to garage sales

• It includes bake sales

What does GDP focus on in terms of production?

• International production

• Domestic production

• Production by multinational corporations

• Production of digital goods only

Are exports counted in the GDP of the United States?

• No, because they are sold internationally

• Yes, because they are produced in the U.S.

• No, because they are not produced in the U.S.

• Yes, but only digital exports