Finance Unbox-ED ($) - Grade 6-8 - Session 013 - Assessment 2

What does GDP stand for?

• Goods Domestic Product
• Gross Domestic Product
• General Domestic Product
• Gross Demand Product

What is the GDP of a country?

• Demand for all the goods and services in a country in one year
• Quantities of all the goods and services produced by a country in one year
• Market value of all the goods and services produced by a country in one year
• Market value of all the goods and services consumed by a country in one year

Imports are a part of GDP since these are goods that are consumed in the country

• True
• False

Exports are a part of GDP since these are goods that are produced in the country

• True
• False

Per capita income is GDP divided by the population

• True
• False

Per capita income tells us the average income that a person in the country makes

• True
• False

Countries strive to keep per capita income low as high per capita income can lead to hyperinflation

• True
• False

Select all the statements that are true

• USA has the highest GDP by value
• Germany has the highest GDP by value
• India has had high GDP growth rate over the last decade
• Japan has had high GDP growth rate over the last decade

GDP growth is important because it helps us understand how well the economy of a country is doing

• True
• False

What is GDP de-growth or decline called?

• Deflation
• Inflation
• Recline
• Recession