This quiz works best with JavaScript enabled. Home > Macroeconomics > Gdp > Gdp – Quiz 14 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Gdp Quiz 14 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. 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. 2. To measure inflation, A) Subtract CPI from GDP x 100. B) Compare the percentage change in the value of market baskets. C) Market Basket 1-Market Basket 2 /Market Basket 1 x 100. D) GDP per capita/ 100. Show Answer Correct Answer: B) Compare the percentage change in the value of market baskets. 3. 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. 4. 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. 5. 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. 6. 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. 7. Which type of GDP accounts for inflation and is therefore the MOST accurate? A) Nominal. B) Growth. C) Real. D) Non-Market. Show Answer Correct Answer: C) Real. 8. After you pay your taxes, the amount of money you have left is called A) National income. B) Personal income. C) Disposable personal income. D) Aggregate income. Show Answer Correct Answer: C) Disposable personal income. 9. The nation is experiencing an economic downturn (recession) is the reason a person is unemployed A) Traditional unemployment. B) Cyclical unemployment. C) Structural unemployment. D) Frictional unemployment. Show Answer Correct Answer: B) Cyclical unemployment. 10. When a nation's imports exceed its exports and is calculated as imports-exports A) Inventory. B) Gross domestic product. C) Trade surplus. D) Trade deficit. Show Answer Correct Answer: D) Trade deficit. 11. Output per person, calculated as real GDP divided by the total population. A) GDP/Capita. B) GDP. C) Productivity. D) Investment. Show Answer Correct Answer: A) GDP/Capita. 12. 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) Consumer sector. B) Investment sector. C) Net exports. D) Government sector. Show Answer Correct Answer: B) Investment sector. 13. Which industry has been hit hard by tariffs by China A) Chop Stick Industry. B) Lobster Industry. C) Kia auto sales. D) Sales of Toyota's. Show Answer Correct Answer: B) Lobster Industry. 14. Lack of skills is the reason a person is unemployed A) Traditional unemployment. B) Cyclical unemployment. C) Structural unemployment. D) Frictional unemployment. Show Answer Correct Answer: C) Structural unemployment. 15. If a farmer buys a new tractor, it would be an example A) Consumer good. B) Business investment. C) Government spending. D) (X-M). Show Answer Correct Answer: B) Business investment. 16. Military tanks and roads belong in which part of the GDP formula?GDP = C+I+G+Xn A) Consumption Expenditures. B) Investment Expenditures. C) Government Expenditures. D) Net Imports. Show Answer Correct Answer: C) Government Expenditures. 17. Which national income measurement approach considers the returns on the factors of production? A) Income approach. B) Output approach. C) Expenditure approach. D) None of the above. Show Answer Correct Answer: A) Income approach. 18. You make $ 1000 from a garage sale. Is this included in GDP? A) Yes-consumer spending. B) Yes-Investment spending. C) No-selling of personal items (not a business). D) No-not legal income. Show Answer Correct Answer: C) No-selling of personal items (not a business). 19. What is the formula to discover GDP? A) GDP= C+I+G+Xn. B) GDP= C-I-G-Xn. C) C+I+M-(X+G)= GDP. D) None of above. Show Answer Correct Answer: A) GDP= C+I+G+Xn. 20. In GDP, this is long-term spending by businesses and individuals. A) Consumption. B) Investment. C) Net exports. D) Imports. Show Answer Correct Answer: B) Investment. ← 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