Gdp Quiz 2 (25 MCQs)

Quiz Instructions:

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1. Ireland has a GDP of $ 136, 900, 000, 000, and inflation rate of 2.7%, and a population of 4, 109, 000. What is the per capita GDP?

2. Intrinsic motivation is

3. Based on the following equation, what does "Y" represent? Y = C+I+G+Xn

4. Consumer spending

5. In the circular flow, we can actually talk about two markets. What are they?

6. In the United States economy, what do businesses buy from consumers?

7. The highest recorded inflation rate in U.S. history was:

8. You buy a hamburger from a local fast food store

9. Whose spending is included in GDP?

10. If you bought a new car made in USA, what part of GDP does it count for?GDP = C+I+G+(X-M)

11. When calculating GDP, which of the following is subtracted?

12. A tax on an imported good

13. Gross Private Investment is defined as the purchase of

14. The U.S. Government hired 10 Chinese-language experts, residing in China, to train U.S. Workers remotely.

15. What is used to measure standard of living?

16. If the MPC is .70 and gross investment increases by $ 3 billion, the equilibrium GDP will:

17. There are three primary approaches to measuring national income. Which of the following is not one of them?

18. A person buys a refrigerator for their house

19. A representative selection of approximately 80, 000 goods and services.

20. Why do firms need to purchase the productive resources in the factor market?

21. Given the annual rate of economic growth, the "rule of 70" allows one to:

22. What does Xn in the GDP formula represent?

23. Which of the following GDP categories is the only one that can be negative in value?

24. Consumer Spending + Investment(Business) Spending + _____ + Net Exports =

25. What is to formula for calculating net exports?