Gross Domestic Product (GDP)

Which of the following is included in government spending?

• Private school fees

• Government employee salaries

• Personal savings

• Foreign investments

Which category of GDP includes housing investments?

• Private Consumer Spending

• Private Domestic Investment

• Government Spending

• Net Exports

What is included in government spending and investment?

• Personal savings

• Public school funding

• Private company profits

• Foreign aid

What is a "trade surplus"?

• When a country's imports exceed its exports

• When a country's exports exceed its imports

• When a country's imports and exports are equal

• When a country has no imports or exports

What does "C" stand for in the equation C + I + G + NX?

• Consumer spending

• Corporate investment

• Capital gains

• Currency exchange

What is a transfer payment?

• Payment for goods and services

• Payment of money without work performed

• Payment for international trade

• Payment for business investments

What does "G" stand for in the equation C + I + G + NX?

• Government spending

• Gross income

• General expenses

• Global trade

What is productivity?

• The total amount of goods produced in a country.

• The amount of goods and services produced per unit of input.

• The number of people employed in an economy.

• The total GDP of a country.

What does "Double Counting" mean?

• Counting an item twice in GDP calculations.

• Counting an item more than once.

• Counting an item only once.

• Ignoring an item in calculations.

What are durable goods?

• Items that wear out quickly.

• Items that last a long time, like cars and TVs.

• Items that are used once and discarded.

• Items that are intangible.