This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Gdp > Gdp – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Gdp Quiz 6 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which is not included in the CPI calculation? A) A market basket price. B) A base year. C) GDP for current year. D) X100. Show Answer Correct Answer: C) GDP for current year. 2. If the MPC is .6, the multiplier will be: A) 1.67. B) 4. C) 6. D) 2.5. Show Answer Correct Answer: D) 2.5. 3. Which of the following measure of welfare focuses on people and their capabilities to access the development and welfare of a country? A) Social Progress Index. B) Human Development Index. C) Gross National Happiness Index. D) Gross Domestic Product. Show Answer Correct Answer: B) Human Development Index. 4. What is the highest point of real GDP called? A) Peak. B) Contraction. C) Expansion. D) Trough. Show Answer Correct Answer: A) Peak. 5. Remember:there are four "pieces" of GDP:C, I, G, Nx).When the government spends money to build new public schools, which piece is affected? A) (Ex-Im). B) I. C) C. D) G. Show Answer Correct Answer: D) G. 6. Which of the following is a main cause of poverty in the United States? A) Underemployment. B) Lack of education. C) Number of children. D) Income inequality. Show Answer Correct Answer: B) Lack of education. 7. He is the prime minister of the Singapore. A) Lee Kuan Yew. B) Benigno Simeon Aquino. C) Ferdinand Marcos. D) Andrew Ford. Show Answer Correct Answer: A) Lee Kuan Yew. 8. Goods and services produced by U.S. firms anywhere in the world count towards A) GNP. B) GDP. C) External shocks. D) The business cycle. Show Answer Correct Answer: A) GNP. 9. When a nation's exports exceed its imports and is calculated as exports-imports A) Inventory. B) Gross domestic product. C) Trade deficit. D) Trade surplus. Show Answer Correct Answer: D) Trade surplus. 10. Investment is defined as the purchase of A) Any financial asset only. B) Additions to inventories only. C) Financial assets and inventories only. D) The purchase of new capital goods and additions to inventories. Show Answer Correct Answer: D) The purchase of new capital goods and additions to inventories. 11. As per Social Progress Index, safety is a ..... A) Foundations of well-being. B) Basic human need. C) Socio-economic factor. D) Opportunity. Show Answer Correct Answer: B) Basic human need. 12. What does the business cycle show? A) The amount of profit a company could possibly make. B) The change in Real GDP over time. C) The amount of taxes a company should pay. D) How a business operates and functions economically. Show Answer Correct Answer: B) The change in Real GDP over time. 13. To measure the health of an economy, people look at the symptoms or indicators used to measure the health of an economy. The 3 main indicators include all of the following except; A) Gross Domestic Product. B) Unemployment. C) Imflation/ Consumer Price Index. D) Average Income Level. Show Answer Correct Answer: D) Average Income Level. 14. Your friend sells bootleg DVD's and fake ID's from his garage office. He usually makes about $ 500 a week. A) No-selling illegal items. B) No-selling personal items. C) Yes-consumption. D) No-doesn't make enough to count for GDP. Show Answer Correct Answer: A) No-selling illegal items. 15. Limited resources, goods and services A) Scarcity. B) Market value. C) Social science. D) Inflation. Show Answer Correct Answer: A) Scarcity. 16. Why are "intermediate goods" not counted in GDP? A) Because intermediate goods exist only in theory. B) Because intermediate goods are final goods. C) Because intermediate goods are thrown away. D) Because you would end up counting the same thing twice. Show Answer Correct Answer: D) Because you would end up counting the same thing twice. 17. The formula for GDP is A) C+I+G+Xn. B) C+X+G+Y. C) I+G-Xn-Xi. D) C-I-G-Xn. Show Answer Correct Answer: A) C+I+G+Xn. 18. The date when the prime minister died. A) April 2, 2016. B) August 6, 2017. C) March. 23, 2015. D) April 5, 2014. Show Answer Correct Answer: C) March. 23, 2015. 19. Nominal GDP is same as A) GNP less net factor income from abroad. B) GDP at current prices (todays prices). C) GDP adjusted for Inflation. D) Real GNP. Show Answer Correct Answer: B) GDP at current prices (todays prices). 20. Population divided GDP A) GDP squared. B) Standard of living. C) Population density. D) GDP per capita. Show Answer Correct Answer: D) GDP per capita. 21. It's the study of human behavior A) Social Science. B) Economics. C) Social Studies. D) Applied Science. Show Answer Correct Answer: A) Social Science. 22. An American buys a car made in Japan A) Consumer spending. B) Government spending. C) Investment spending. D) Net exports of goods and services. Show Answer Correct Answer: D) Net exports of goods and services. 23. To be certain that a country is producing more from year to year, economists look to see that ..... has ..... A) Real GDP; decreased. B) GDP; increased. C) Real GDP; increased. D) GDP; decreased. Show Answer Correct Answer: C) Real GDP; increased. 24. What are the rewards to the factors of production called? A) Rent, rates, wages, and enterprise. B) Land, labour, capital, and enterprise. C) Dividends, interest, rent, and wages. D) Rent, interest, profits, and wages. Show Answer Correct Answer: D) Rent, interest, profits, and wages. 25. General Motors buys new automated equipment for use in building cars. This falls under ..... A) Consumption. B) Export spending. C) Government spending. D) Investment. Show Answer Correct Answer: D) Investment. 26. What is the total value of all final goods and services produced in the economy in a given year? A) Unemployment rate. B) Supply and Demand. C) GDP. D) Communism. Show Answer Correct Answer: C) GDP. 27. Dollar value of all final goods and services produced within a country in a given year. A) GDP. B) Depreciation. C) Price level. D) Durable goods. Show Answer Correct Answer: A) GDP. 28. Oktoberfest is held in which European city and country every autumn? A) Berlin, Germany. B) Vienna, Austria. C) Brussels, Belgium. D) Munich, Germany. Show Answer Correct Answer: D) Munich, Germany. 29. The total amount of goods and services that all producers in an economy are willing and able to make A) Aggregate supply. B) Aggregate demand. C) Supply. D) Demand. Show Answer Correct Answer: A) Aggregate supply. 30. The study of large-scale economic factors dealing with the economy of a nation, region, or of the world as a whole is called: A) Microeconomics. B) Macroeconomics. C) GDP. D) Supply & demand. Show Answer Correct Answer: B) Macroeconomics. ← PreviousNext →Related QuizzesMacroeconomics QuizzesEconomics QuizzesGdp Quiz 1Gdp Quiz 2Gdp Quiz 3Gdp Quiz 4Gdp Quiz 5Gdp Quiz 7Gdp Quiz 8Gdp Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books