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WorksheetsGDP
Total questions: 8
Worksheet time: 5mins
Gross Domestic Product (GDP) ONLY refers to the total of FINAL goods and services produced in a country in one year.
True
False
Which of the folowing goods is included in GDP?
Dresses
Screws used in a cruise missile
Flour for making bread
Cloth for making dresses
Burgers
What type of GDP is calculated with the current year's price?
Nominal GDP
Real GDP
GDP per capita
High level of GDP per capita indicate . .
Higher levels of happiness
Higher standard of living
Equal levels of wealth
What type of GDP shows the average level of wealth in a country?
GDP per capita
Nominal GDP
Real GDP
What does 'Per Capita' mean?
Per Household
Per Worker
Per Person
Per Object
The Income Approach of Calculating GDP includes . .
All spending on final products in the year
All income made from selling all final goods
All costs on all products
The amount of people involved in production
A milkshake today costs $2.75.
The Market sold 5,000,000 this year.
In 1961, it cost $0.80 and they sold 2,000,000.
How do you find the nominal GDP for these milkshakes in 1961?
$2.75 x 5,000,000
$0.80 x 2,000,000
$0.80 x 5,000,000
