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WorksheetsGross Domestic Product - GDP
Total questions: 12
Worksheet time: 10mins
Name
Class
Date
1.
What type of GDP is calculated with the current year's prices?
a)
Nominal GDP
b)
Real GDP
c)
GDP per capita
2.
The most important measure of economic growth is...
a)
GNP
b)
GNC
c)
DDP
d)
GDP
3.
What is the 1st economic goal of each country?
a)
Limit Inflation
b)
Limit Unemployment
c)
Promote Economic Growth
d)
Measure expenditures
4.
Gross Domestic Product (GDP) ONLY refers to the total value of FINAL goods and services produced in a country in one year
a)
True
b)
False
5.
Which of the following goods is included in GDP?
a)
Dresses
b)
Screws used in a cruise missile
c)
Flour for making bread
d)
Cloth for making dresses
6.
The U.S. Government hired 10 Chinese-language experts to train U.S. Workers.
a)
GDP increases
b)
GDP decreases
c)
No change
7.
Lauren coaches softball and gets paid in cash each week. Is this included in GDP?
a)
Yes - Consumer Spending
b)
Yes - Investment
c)
No - Underground Economy
d)
No - Purely financial transaction
8.
What type of GDP shows the average level of wealth in a country?
a)
Nominal GDP
b)
Real GDP
c)
GDP per capita
9.
Which is an example of investment in human capital?
a)
trucks
b)
factories
c)
education
d)
highways
10.
High levels of GDP per capita indicate...
a)
Higher levels of happiness
b)
Higher standard of living
c)
Equal levels of wealth
d)
Self-sufficient communities
11.
The Income Approach of Calculating GDP includes...
a)
All spending on final products in the year.
b)
All Income made from selling all final goods.
c)
All costs on all products.
d)
The amount of people involved in production.
12.
The Expenditures Approach of Calculating GDP includes...
a)
All spending on final products in the year.
b)
All Income made from selling all final goods.
c)
All costs on all products.
d)
The amount of people involved in production.
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