This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Gdp > Gdp – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Gdp Quiz 11 (22 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. If GDP is currently $ 13 trillion and is growing at a rate of 2.3% per year, how long will it take GDP to reach $ 26 trillion? A) About 17 years. B) About 30 years. C) About 15 years. D) About 25 years. Show Answer Correct Answer: B) About 30 years. 2. The purchase of new capital goods (tools, instruments, machines, buildings) and additions to inventories A) Exports of goods and services. B) Real GDP. C) Investment. D) Net exports of goods and services. Show Answer Correct Answer: C) Investment. 3. Which American industry was hit hard by NAFTA A) Manufacturing. B) Movie. C) Avocados. D) Aviation. Show Answer Correct Answer: A) Manufacturing. 4. What is meant by GDP? A) General Domestic Product. B) Gross Domestic Product. C) Great Domestic Product. D) None of above. Show Answer Correct Answer: B) Gross Domestic Product. 5. EXXON explores for oil A) Consumer spending. B) Government spending. C) Investment spending. D) Net exports of goods and services. Show Answer Correct Answer: C) Investment spending. 6. In the GDP equation, what does the 'C' stand for? A) Convoy. B) Consumer income. C) Consumer spending. D) Consumer health. Show Answer Correct Answer: C) Consumer spending. 7. The economy can be measured in two different ways. This includes adding up all of the ..... or ..... A) Spending; government receipts. B) Federal debt; personal loans. C) Government receipts; federal debt. D) Income produced; spending. Show Answer Correct Answer: D) Income produced; spending. 8. Which national income measurement approach uses the formula:GDP = C+I+G+ (X-M)? A) Income approach. B) Output method. C) Equilibrium GDP method. D) Expenditure method. Show Answer Correct Answer: D) Expenditure method. 9. General increase in the prices of goods and services A) Inflation. B) Traditional economy. C) Scarcity. D) Foreign exchange. Show Answer Correct Answer: A) Inflation. 10. Which nation grows the most corn A) USA. B) Mexico. C) Canada. D) Sealand. Show Answer Correct Answer: A) USA. 11. What does the "M" stand for in the GDP equation A) Manufactured goods. B) Import. C) Math. D) Marital status. Show Answer Correct Answer: B) Import. 12. GDP per capita tells you what? A) Living standard. B) Income taxes. C) Property taxes. D) Projected growth rate. Show Answer Correct Answer: A) Living standard. 13. An American named Peter Parker buys a necklace from Italy. Identity the proper category of GDP. A) Not included. B) Investment spending. C) Net Exports. D) Consumer spending. Show Answer Correct Answer: C) Net Exports. 14. A general rule of thumb says that a country has experienced a recession if: A) Real GDP has declined. B) Real GDP has declined for at least two consecutive quarters. C) GDP has declined. D) Nominal GDP has declined for at least two consecutive quarters. Show Answer Correct Answer: B) Real GDP has declined for at least two consecutive quarters. 15. What Starbuck's beverage is purchased the most this time of year? A) Pumpkin Spice Latte. B) Smores Frappuccino. C) Pumpkin Frappuccino. D) Pumpkin Cream Cold Brew. Show Answer Correct Answer: A) Pumpkin Spice Latte. 16. If a country has a large proportion of its workforce working in foreign nations sending their earnings back home, its GNP will likely be ..... than its GDP. A) As least less. B) Higher. C) Lower. D) The same as. Show Answer Correct Answer: B) Higher. 17. At an annual growth rate of 7 percent, real GDP will double in about: A) 13 1/2 years. B) 11 1/2 years. C) 10 years. D) 9 years. Show Answer Correct Answer: C) 10 years. 18. Just like calculating your own income GDP measures ..... A) How well the U.S. is doing financially. B) How poorly goods and services are distributed. C) The best way for resources to be obtained. D) How the United States is doing with their allies. Show Answer Correct Answer: A) How well the U.S. is doing financially. 19. GDP per capita is found by A) Muliplying GDP by the population. B) Dividing current GDP by last year's GDP. C) Dividing GDP by the population. D) Multiplying GDP by the unemployment rate. Show Answer Correct Answer: C) Dividing GDP by the population. 20. What percentage of Americans typically carve pumpkins? A) 75%. B) 46%. C) 58%. D) 30%. Show Answer Correct Answer: B) 46%. 21. What type of GDP takes into consideration inflation? A) Nominal GDP. B) Real GDP. C) GDP per capita. D) None of above. Show Answer Correct Answer: B) Real GDP. 22. The total dollar value of all final goods and services produced within the country's border in a given year after price level changes are taken out of the data. A) GDP/capita. B) Gross GDP. C) Nominal GDP. D) Real GDP. Show Answer Correct Answer: D) Real GDP. ← PreviousRelated 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