What is GDP?

Economics Quiz

Quiz
•
Social Studies
•
12th Grade
•
Medium
Caleb Reid
Used 3+ times
FREE Resource
41 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
GDP is the sum of the prices of all final goods and services produced by one country
GDP is the sum of the prices of all final goods and services produced within one country
GDP is the sum of the prices of all intermediate and final goods and services within one country
GDP allows economists to measure inflation
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would be included in calculating GDP?
Intermediate goods
Stocks
Social Security checks
Unsold goods produced by a business
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Jose just purchased new tires for his ten-year-old car. Is this purchase counted towards GDP?
Yes
No
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following accounts for the biggest portion of GDP in the United States?
Consumption
Business Investment
Government Spending
Net Exports
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following helps economists better understand a nation’s standard of living?
Net Exports
GDP per capita
Business Investment
Nominal GDP
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the unemployment rate?
The total population of a country divided by people who are employed (times 100)
The number of people over 16 actively looking for work divided by the number of people in the labor force (times 100)
The number of jobless people actively looking for work divided by the number of people in the labor force (times 100)
The total population of a country divided by people who are unemployed (times 100)
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following people would count towards the labor force?
Peter is a homemaker with 4 children
Kiley is retired and now volunteers her time to the local library
Lawrence is 15 and can’t wait to get his first job
Aaron works a few hours a week bartending
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