GDP Quiz

Which of the following is NOT part of GDP:

• a new car that is sold

• a teacher working in the classroom

• a used TV on Craigslist

• no answer

A British company purchases a one-year membership to PartyFolks.com, a U.S. based company

• GDP increases
• GDP decreases
• No change

Expectant parents buy supplies for the nursery. Would this be included in GDP?

• Yes - Consumer Spending

• Yes - Investment

• No - Intermediate goods

• No - Non-market activity

A shoe produced in South Korea and sold in the U.S.

• Included in U.S. GDP

• Included in South Korea GDP

• Included in Canadian GDP

A higher GDP generally correlates to a(n) ___________ standard of living.

• higher

• lower

• unrelated

The trade in exotic animals being illegally sold as pets is a multi-billion-dollar-a-year industry. Is this included in GDP?

• Yes - Consumer spending

• Yes - Government Spending

• No - Underground Economy

• No - Non-market activity

GDP is calculated by

• adding up the cost of goods used in producing the item
• subtracting all costs from total revenue
• adding consumption + investment +government spending+ (exports sold - imports bought)

What does Per Capita Mean?

• Per Household
• Per Object
• Per Worker
• Per Person

Which of the following is NOT a category of GDP?

• Government spending

• Domestic labor

• Investment

• Net exports

Which of the following would NOT be counted in the US's GDP?

• A used car your grandfather sold you

• You buy a new pair of shoes online

• A business buys tires to resell

• A city government's spending on a new park