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Economics Quiz: 08/07

Authored by SBAMP SBAMP

Business

12th Grade

Used 1+ times

Economics Quiz: 08/07
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10 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What does GDP stand for?

Government Debt Percentage

General Development Plan

Global Demand Projection

Gross Domestic Product

2.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of the following is NOT included in the calculation of GDP?

Value of housework performed by housewives

Vouchers given out by Government to citizens

Financial transactions

Illegal activities

3.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What is the formula for Real GDP?

Real GDP = MONEY GDP / (GDP price deflator / 100)

Real GDP = Pcy X Qcy

Real GDP = Pby X Qcy

Real GDP = GDP price deflator / 100

4.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What is the limitation of using GDP as a measure of a country's well-being?

It does not consider population growth

It does not reflect the costs of growth

It does not indicate improvements in quality of goods

It does not account for income distribution

5.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What is the Income multiplier effect formula?

Multiplier = 1 / MPC

Multiplier = 1 / MPS

Multiplier = Change in Output / Change in AD

Multiplier = Change in Consumption / Change in Income

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the equilibrium in the economy when Aggregate Demand equals Aggregate Supply?

Below full employment

At full employment output level

Above full employment

At recessionary level

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the main limitation of using Per Capita GDP as a measure of a country's well-being?

It does not indicate improvements in quality of goods

It does not reflect the costs of growth

It does not account for income distribution

It does not consider population growth

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