This quiz works best with JavaScript enabled. Home > Macroeconomics > Gdp > Gdp – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Gdp Quiz 13 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Macroeconomics deals with A) Focuses on the individual and businesses. B) Looks at the big picture and looks at teh study of measurement of how healthy the economy is. C) Focuses on fundamental principles of economics. D) Does not involve the government. Show Answer Correct Answer: B) Looks at the big picture and looks at teh study of measurement of how healthy the economy is. 2. What is the total value of all final goods and services produced in the economy calculated using the prices of a selected base year? A) Nominal GDP. B) Real GDP per capita. C) Real GDP. D) GDP per capita. Show Answer Correct Answer: C) Real GDP. 3. An index that measures the prices of a market basket of goods that typical consumers purchase. A) Consumer Price Index. B) Federal Reserve. C) Bank. D) Deflation. Show Answer Correct Answer: A) Consumer Price Index. 4. The current cost of a movie is $ 8.20. The cost in 1983 was $ 5.60. What is the Consumer Price Index? A) 146.9. B) 146.4. C) 146.5. D) 148.4. Show Answer Correct Answer: B) 146.4. 5. 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. 6. 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. 7. 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. 8. How do you calculate the value for net exports? A) Exports + imports. B) Exports-imports. C) Imports-exports. D) Imports + exports. Show Answer Correct Answer: B) Exports-imports. 9. 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%. 10. If Real GDP is $ 300 million and the population is 10 million, what is the Real GDP per capita? A) $ 3, 000. B) $ 300. C) $ 30. D) $ 5. Show Answer Correct Answer: C) $ 30. 11. 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, 627, 502, 000. B) $ 5, 728, 551, 000. C) $ 5, 627, 648, 000. D) $ 5, 622, 648, 000. Show Answer Correct Answer: C) $ 5, 627, 648, 000. 12. The term "quarter" when discussing business or the economy is how many months? A) 2. B) 3. C) 4. D) 1 year. Show Answer Correct Answer: B) 3. 13. What is the use of goods and services? A) Recycling. B) Consumption. C) Garbage. D) Geothermal. Show Answer Correct Answer: B) Consumption. 14. Which one of these is NOT a limitation of GDP as an economic health measure? A) Government spending. B) Nonmarket activity. C) Underground economy. D) Quality of life. Show Answer Correct Answer: A) Government spending. 15. Cash you earn from babysitting ..... A) Is counted as consumption in GDP. 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) Included in investment sector of GDP if you save it. Show Answer Correct Answer: B) Is not counted in GDP b/c it's not reported on tax forms. 16. 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. 17. The most important measure of economic growth is ..... A) GNP. B) GNC. C) DDP. D) GDP. Show Answer Correct Answer: D) GDP. 18. 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. 19. 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) Consumption. B) Investment. C) Government Spending. D) Exports-Imports. Show Answer Correct Answer: C) Government Spending. 20. 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. ← 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