What is Gross Domestic Product (GDP)?
Eco Review

Quiz
•
Social Studies
•
12th Grade
•
Medium
Matthew Ryan
Used 3+ times
FREE Resource
38 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The total market value of all final goods and services produced within a country in a specific period.
The total amount of money in circulation in a country's economy.
The value of all goods produced by a country's citizens anywhere in the world.
The total value of a country's exports in a given year.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would be counted in the U.S. GDP for 2024?
A new car produced in a U.S. factory in 2024.
Steel sold to a car manufacturer in Detroit (used to build cars).
A used laptop sold online in 2024 that was originally made in 2022.
The output of a U.S. company's factory located in China.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the United States, which component typically makes up the largest portion of GDP?
Business investment.
Net exports (exports minus imports).
Government spending.
Consumer spending (household consumption).
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the key difference between nominal GDP and real GDP?
Nominal GDP is measured per person, while real GDP measures total output.
Real GDP only counts government spending and nominal GDP counts all spending.
Real GDP is adjusted for inflation, whereas nominal GDP is not.
Nominal GDP includes the value of services, while real GDP does not.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a country has a trade deficit (imports more than it exports), how does this directly affect GDP?
It only affects GDP if the government changes tax rates.
It has no effect on GDP, as imports and exports are excluded.
It increases GDP, since imports add to domestic consumption.
It reduces GDP, since net exports would be negative.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does GDP per capita represent?
The total GDP of a country divided by its total exports.
GDP adjusted for inflation and purchasing power.
The average economic output per person in a country.
The portion of GDP that comes from consumer spending.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT accounted for in a country's GDP?
Income inequality or how income is distributed among citizens.
The total value of goods and services produced within the country.
Government expenditures on public services.
Changes in company inventory levels during the year.
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