This quiz works best with JavaScript enabled. Home > Macroeconomics > Gdp > Gdp – Quiz 12 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Gdp Quiz 12 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. If nominal GDP increases, this means: A) We must be producing more goods and services. B) We must be experiencing inflation. C) Either there has been inflation or we are producing more. D) The value of the currency has fallen. Show Answer Correct Answer: C) Either there has been inflation or we are producing more. 2. Suppose that in a particular country, nominal gross domestic product (GDP) grew 8 percent, and the GDP deflator increased by 10 percent. The country's growth rate of Real GDP would be approximately equal to A) -2%. B) -8%. C) 0.8%. D) 2%. Show Answer Correct Answer: A) -2%. 3. Which type of unemployment is this:Stephen has been desparately trying to find a job, but because of the stock market crash no one is hiring. A) Cyclical. B) Frictional. C) Structural. D) Not unemployed. Show Answer Correct Answer: A) Cyclical. 4. A British family purchased a one year subscription to Netflix, a U.S. based company. A) GDP increases. B) GDP decreases. C) No change. D) None of above. Show Answer Correct Answer: A) GDP increases. 5. Each individual on food stamps in Delaware can receive up to $ 194 a month. Is this included in GDP? A) Yes-Government spending. B) Yes-Consumer Spending. C) No-Intermediate Goods. D) No-Government payment to individuals (not included). Show Answer Correct Answer: D) No-Government payment to individuals (not included). 6. Which of the following is an investment in human capital? A) Buying new computers. B) Paving roads. C) Purchasing new textbooks. D) Education and healthcare. Show Answer Correct Answer: D) Education and healthcare. 7. "Too much money chasing too few goods" best describes: A) The GDP gap. B) Demand-pull inflation. C) The inflation premium. D) Cost-push inflation. Show Answer Correct Answer: B) Demand-pull inflation. 8. If GDP grew 3% in 2010, 2.2% in 2011 and 2.5% in 2012, then what is the average annual growth rate over this period? A) 5%. B) 2.6%. C) 4%. D) -2.2%. Show Answer Correct Answer: B) 2.6%. 9. In a small economy, consumption spending in 2012 is $ 6000, government spending is $ 1200, gross investment is $ 1500, exports are $ 2000, net investment is $ 300, and imports are $ 1000. What is gross domestic product in 2012? A) $ 9 700. B) $ 7700. C) $ 10 000. D) $ 10 700. Show Answer Correct Answer: A) $ 9 700. 10. The total dollar value of all final goods and services produced within the country's border in a given year after inflation is taken out of the data. A) Nominal GDP. B) GDP/capita. C) Gross GDP. D) Real GDP. Show Answer Correct Answer: D) Real GDP. 11. Which of the following is the best measurement of a country's living standard? A) Nominal GDP. B) Real GDP. C) GDP per capita. D) Real GDP per capita. Show Answer Correct Answer: D) Real GDP per capita. 12. Calculate GDP economic growth over the following time period.January 2017:10, 000January 2018:15, 000 A) .5%. B) 50%. C) 20%. D) 15%. Show Answer Correct Answer: B) 50%. 13. If real GDP increases, we know for sure that: A) Prices have risen. B) Output has risen. C) Prices have risen but output has remained constant. D) Prices have remained constant. Show Answer Correct Answer: B) Output has risen. 14. The total dollar value of all final goods and services produced within the country's border in a given year. This measure includes inflation. A) Nominal GDP. B) Gross National Product. C) Gross Income Measure. D) Gross Outcome Measure. Show Answer Correct Answer: A) Nominal GDP. 15. What is an example of human capital? A) A country's standard of living. B) The cash a business has to spend. C) The workers of a business or country. D) The buildings, equipment, and property of a business. Show Answer Correct Answer: C) The workers of a business or country. 16. The cost of a pair of earrings is $ 36.99. The cost in 1983 was $ 21.95. What is the CPI? A) 168.5. B) 168.7. C) 168.8. D) 168.4. Show Answer Correct Answer: A) 168.5. 17. The total amount of goods and services that all of the people in the economy are willing to buy A) Aggregate supply. B) Aggregate demand. C) Demand. D) Supply. Show Answer Correct Answer: B) Aggregate demand. 18. If a product is produced by not purchased, it A) Is not counted in GDP. B) Is counted in GDP. C) Is added to GDP, then subtracted at the end of the year. D) Lowers GDP. Show Answer Correct Answer: B) Is counted in GDP. 19. The Income Approach of Calculating GDP includes ..... A) All spending on final products in the year. B) All Income made from selling all final goods. C) All costs on all products. D) The ammount of people involved in production. Show Answer Correct Answer: B) All Income made from selling all final goods. 20. HDI stands for A) Human Development Index. B) Human Disease Industry. C) High Definition Industry. D) High Development Index. Show Answer Correct Answer: A) Human Development Index. ← PreviousNext →Related QuizzesMacroeconomics QuizzesGdp Quiz 1Gdp Quiz 2Gdp Quiz 3Gdp Quiz 4Gdp Quiz 5Gdp Quiz 6Gdp Quiz 7Gdp Quiz 8Gdp Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books