This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Gdp > Gdp – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Gdp Quiz 10 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Lack of skills is the reason a person is unemployed A) Traditional unemployment. B) Cyclical unemployment. C) Structural unemployment. D) Frictional unemployment. Show Answer Correct Answer: C) Structural unemployment. 2. If a farmer buys a new tractor, it would be an example A) Government spending. B) Consumer good. C) (X-M). D) Business investment. Show Answer Correct Answer: D) Business investment. 3. Military tanks and roads belong in which part of the GDP formula?GDP = C+I+G+Xn A) Net Imports. B) Investment Expenditures. C) Government Expenditures. D) Consumption Expenditures. Show Answer Correct Answer: C) Government Expenditures. 4. Which national income measurement approach considers the returns on the factors of production? A) Income approach. B) Output approach. C) Expenditure approach. D) None of the above. Show Answer Correct Answer: A) Income approach. 5. You make $ 1000 from a garage sale. Is this included in GDP? A) Yes-Investment spending. B) No-selling of personal items (not a business). C) No-not legal income. D) Yes-consumer spending. Show Answer Correct Answer: B) No-selling of personal items (not a business). 6. What is the formula to discover GDP? A) GDP= C+I+G+Xn. B) GDP= C-I-G-Xn. C) C+I+M-(X+G)= GDP. D) None of above. Show Answer Correct Answer: A) GDP= C+I+G+Xn. 7. In GDP, this is long-term spending by businesses and individuals. A) Consumption. B) Imports. C) Net exports. D) Investment. Show Answer Correct Answer: D) Investment. 8. Policeman's salary A) Consumer spending. B) Government spending. C) Investment spending. D) Net exports of goods and services. Show Answer Correct Answer: B) Government spending. 9. Your friend and you decide to open a snow cone stand. The people you hire to run the stand are examples of which factor of production? A) Capital Resources/Goods. B) Human Capital. C) Entrepreneurship. D) Natural Resources. Show Answer Correct Answer: B) Human Capital. 10. Jane loses her job because a new type of software and hardware has been developed that does her job for her A) Cyclically unemployed. B) Seasonally Unemployed. C) Structurally Unemployed. D) Frictionally Unemployed. Show Answer Correct Answer: C) Structurally Unemployed. 11. A British company purchases a one-year membership to PartyFolks.com, a U.S. based company A) U.S. GDP increases. B) U.S. GDP decreases. C) No change. D) None of above. Show Answer Correct Answer: A) U.S. GDP increases. 12. The total income households have left after receiving government transfers and paying taxes is ..... A) Gross Domestic Product. B) Disposable Income. C) Private Savings. D) Inventories. Show Answer Correct Answer: B) Disposable Income. 13. US state which harvests the most lobsters A) Massachusetts. B) Florida. C) Maine. D) Arizona. Show Answer Correct Answer: C) Maine. 14. If China's GDP was 10 trillion and its population 1.4 billion in 2014, what is the correct way to solve for China's GDP per capita? A) 10 trillion plus 1.4 billion. B) 10 trillion multiplied by 1.4 billion. C) 10 trillion minus 1.4 billion. D) 10 trillion divided by 1.4 billion. Show Answer Correct Answer: D) 10 trillion divided by 1.4 billion. 15. What are intermediate goods? A) Goods that businesses make to make final goods. B) Goods imported from other countries. C) Goods exported to other countries. D) Medium quality. Show Answer Correct Answer: A) Goods that businesses make to make final goods. 16. The term underemployed implies that A) You want to work, but cannot find work. B) You are overqualified for your job. C) Neither of these. D) None of above. Show Answer Correct Answer: B) You are overqualified for your job. 17. Rising prices =? A) Deflation. B) Inflation. C) Dogflation. D) Stagflation. Show Answer Correct Answer: B) Inflation. 18. The value of the final goods and services produced in a given year expressed in terms of the prices in a reference base year. A) Nominal GDP. B) Real GDP. C) Business Cycle. D) Gross Domestic Product. Show Answer Correct Answer: B) Real GDP. 19. Holistic and psychology based approach to measure social welfare is ..... A) GDP. B) GNHI. C) SPI. D) HDI. Show Answer Correct Answer: B) GNHI. 20. In between job is the reason a person is unemployed A) Cyclical unemployment. B) Traditional unemployment. C) Frictional unemployment. D) Structural unemployment. Show Answer Correct Answer: C) Frictional unemployment. 21. How can an economist compare the standard of living in two different countries? A) By measuring physical capital. B) By looking at the quality of life. C) By comparing real GDP per capita. D) By seeing how the GDP is distributed. Show Answer Correct Answer: C) By comparing real GDP per capita. 22. In 2014, America's GDP was ..... trillion. A) 64. B) 17. C) 8. D) 10. Show Answer Correct Answer: B) 17. 23. For a nation's real GDP per capita to rise during a year: A) Population must increase more rapidly than real GDP. B) Consumption spending must increase. C) Real GDP must increase more rapidly than population. D) Investment spending must increase. Show Answer Correct Answer: C) Real GDP must increase more rapidly than population. 24. Gross National Happiness Index is developed in ..... A) Oman. B) India. C) Nepal. D) Bhutan. Show Answer Correct Answer: D) Bhutan. 25. The lowest point of a contractionary phase of the business cycle is known as ..... A) A peak. B) A troff. C) A-boo. D) A trough. Show Answer Correct Answer: D) A trough. 26. Wage-Price Spiral A) Income that does not increase even when prices go up. B) Rising wages cause higher prices which has higher wages. C) A measurement that shows how the average cost of goods or services change over time. D) A sustained drop in the price of goods. Show Answer Correct Answer: B) Rising wages cause higher prices which has higher wages. 27. A shoe produced in South Korea and sold in the U.S. A) Included in U.S. GDP. B) Included in South Korea GDP. C) Included in Canadian GDP. D) None of above. Show Answer Correct Answer: B) Included in South Korea GDP. 28. Assuming the total population is 100 million, the civilian labor force is 50 million, and 3 million workers are unemployed, the unemployment rate is: A) 6 percent. B) 9 percent. C) 7 percent. D) 3 percent. Show Answer Correct Answer: A) 6 percent. 29. If Nominal GDP was $ 36, 000 and the GDP deflator was 120. Real GDP is A) $ 43, 200. B) $ 28, 800. C) $ 7200. D) None of above. Show Answer Correct Answer: B) $ 28, 800. 30. When imports exceed exports we call this a A) Trade deficit. B) Net export. C) Both of these are acceptable. D) None of above. Show Answer Correct Answer: A) Trade deficit. ← PreviousNext →Related QuizzesMacroeconomics QuizzesEconomics QuizzesGdp Quiz 1Gdp Quiz 2Gdp Quiz 3Gdp Quiz 4Gdp Quiz 5Gdp Quiz 6Gdp Quiz 7Gdp Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books