This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Gdp > Gdp – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Gdp Quiz 9 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The current cost of a movie is $ 8.20. The cost in 1983 was $ 5.60. What is the Consumer Price Index? A) 148.4. B) 146.5. C) 146.4. D) 146.9. Show Answer Correct Answer: C) 146.4. 2. Why do economists prefer real GDP? A) Because it is easier to calculate. B) Because it is more accurate. C) Because I said so. D) None of above. Show Answer Correct Answer: B) Because it is more accurate. 3. What do injections in the circular flow of income refer to? A) Money flowing into the economic system. B) Money flowing out of the economic system. C) Savings, Taxes and Imports. D) Income generated in unofficial markets. Show Answer Correct Answer: A) Money flowing into the economic system. 4. The value of the final goods and services produced in a given year expressed in terms of the prices of the same year. A) Real GDP. B) Nominal GDP. C) Net exports of goods and services. D) Gross Domestic Product. Show Answer Correct Answer: B) Nominal GDP. 5. How do you calculate the value for net exports? A) Exports + imports. B) Imports-exports. C) Imports + exports. D) Exports-imports. Show Answer Correct Answer: D) Exports-imports. 6. If the inflation rate was 5% and the the nominal interest rate was 5%; what was the real interest rate? A) 5%. B) 10%. C) 0%. D) None of the above. Show Answer Correct Answer: C) 0%. 7. If Real GDP is $ 300 million and the population is 10 million, what is the Real GDP per capita? A) $ 300. B) $ 5. C) $ 30. D) $ 3, 000. Show Answer Correct Answer: C) $ 30. 8. The Bahamas has a GDP of $ 5, 696, 000, 000, an inflation rate of 1.2%, and a population of 305, 700. Calculate the real GDP. A) $ 5, 622, 648, 000. B) $ 5, 627, 648, 000. C) $ 5, 728, 551, 000. D) $ 5, 627, 502, 000. Show Answer Correct Answer: B) $ 5, 627, 648, 000. 9. The term "quarter" when discussing business or the economy is how many months? A) 2. B) 3. C) 1 year. D) 4. Show Answer Correct Answer: B) 3. 10. What is the use of goods and services? A) Recycling. B) Geothermal. C) Garbage. D) Consumption. Show Answer Correct Answer: D) Consumption. 11. Which one of these is NOT a limitation of GDP as an economic health measure? A) Quality of life. B) Nonmarket activity. C) Underground economy. D) Government spending. Show Answer Correct Answer: D) Government spending. 12. Cash you earn from babysitting ..... A) Included in investment sector of GDP if you save it. B) Is not counted in GDP b/c it's not reported on tax forms. C) Not counted in GDP b/c it's a transfer payment. D) Is counted as consumption in GDP. Show Answer Correct Answer: B) Is not counted in GDP b/c it's not reported on tax forms. 13. What is depreciation? A) Capital loss. B) Fixed capital loss. C) Consumption of fixed capital. D) None. Show Answer Correct Answer: C) Consumption of fixed capital. 14. The most important measure of economic growth is ..... A) GDP. B) GNP. C) DDP. D) GNC. Show Answer Correct Answer: A) GDP. 15. What does nominal GDP mean? A) GDP is calculated using current prices. B) GDP is calculated only with goods and services costing less than $ 10. C) GDP is calculated taking inflation into account. D) GDP is calculated without government spending. Show Answer Correct Answer: A) GDP is calculated using current prices. 16. The U.S. government agency NASA contracts with a firm in Alabama to provide parts for the space station. Where would this show up in the GDP formula? A) Exports-Imports. B) Investment. C) Consumption. D) Government Spending. Show Answer Correct Answer: D) Government Spending. 17. What is meant by per capita? A) Per capital city. B) Per captain. C) Per person. D) None of above. Show Answer Correct Answer: C) Per person. 18. The gross domestic product is equal to the total ..... of a nation. A) Supply and demand. B) Population. C) Debt. D) Goods and services. Show Answer Correct Answer: D) Goods and services. 19. To measure inflation, A) Market Basket 1-Market Basket 2 /Market Basket 1 x 100. B) Compare the percentage change in the value of market baskets. C) GDP per capita/ 100. D) Subtract CPI from GDP x 100. Show Answer Correct Answer: B) Compare the percentage change in the value of market baskets. 20. What does X represent in calculating net imports?X-M A) Imports. B) Exports. C) Expenditures. D) None of the Above. Show Answer Correct Answer: B) Exports. 21. Items that firms in the United States produce and sell to the rest of the world A) Imports of goods and services. B) Investment. C) Nominal GDP. D) Exports of goods and services. Show Answer Correct Answer: D) Exports of goods and services. 22. What type of GDP shows the average level of wealth in a country? A) Nominal GDP. B) Real GDP. C) GDP per capita. D) None of above. Show Answer Correct Answer: C) GDP per capita. 23. Total dollar value of all final goods and services produced within a nation in 1 year. A) Inflation. B) Consumer Price Index. C) Producer Price Index. D) Gross Domestic Product. Show Answer Correct Answer: D) Gross Domestic Product. 24. Which type of GDP accounts for inflation and is therefore the MOST accurate? A) Non-Market. B) Growth. C) Nominal. D) Real. Show Answer Correct Answer: D) Real. 25. After you pay your taxes, the amount of money you have left is called A) National income. B) Disposable personal income. C) Personal income. D) Aggregate income. Show Answer Correct Answer: B) Disposable personal income. 26. The nation is experiencing an economic downturn (recession) is the reason a person is unemployed A) Traditional unemployment. B) Frictional unemployment. C) Structural unemployment. D) Cyclical unemployment. Show Answer Correct Answer: D) Cyclical unemployment. 27. When a nation's imports exceed its exports and is calculated as imports-exports A) Trade deficit. B) Trade surplus. C) Gross domestic product. D) Inventory. Show Answer Correct Answer: A) Trade deficit. 28. Output per person, calculated as real GDP divided by the total population. A) GDP/Capita. B) Productivity. C) Investment. D) GDP. Show Answer Correct Answer: A) GDP/Capita. 29. A business buys new computers for it's office workers from a U.S. computer manufacturer. The value of the transaction would be included in which GDP category? A) Investment sector. B) Government sector. C) Consumer sector. D) Net exports. Show Answer Correct Answer: A) Investment sector. 30. Which industry has been hit hard by tariffs by China A) Chop Stick Industry. B) Kia auto sales. C) Sales of Toyota's. D) Lobster Industry. Show Answer Correct Answer: D) Lobster Industry. ← 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