This quiz works best with JavaScript enabled. Home > Macroeconomics > Gdp > Gdp – Quiz 15 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Gdp Quiz 15 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Policeman's salary A) Consumer spending. B) Government spending. C) Investment spending. D) Net exports of goods and services. Show Answer Correct Answer: B) Government spending. 2. Your friend and you decide to open a snow cone stand. The people you hire to run the stand are examples of which factor of production? A) Capital Resources/Goods. B) Entrepreneurship. C) Human Capital. D) Natural Resources. Show Answer Correct Answer: C) Human Capital. 3. Jane loses her job because a new type of software and hardware has been developed that does her job for her A) Cyclically unemployed. B) Seasonally Unemployed. C) Structurally Unemployed. D) Frictionally Unemployed. Show Answer Correct Answer: C) Structurally Unemployed. 4. A British company purchases a one-year membership to PartyFolks.com, a U.S. based company A) U.S. GDP increases. B) U.S. GDP decreases. C) No change. D) None of above. Show Answer Correct Answer: A) U.S. GDP increases. 5. The total income households have left after receiving government transfers and paying taxes is ..... A) Disposable Income. B) Private Savings. C) Gross Domestic Product. D) Inventories. Show Answer Correct Answer: A) Disposable Income. 6. US state which harvests the most lobsters A) Arizona. B) Maine. C) Massachusetts. D) Florida. Show Answer Correct Answer: B) Maine. 7. If China's GDP was 10 trillion and its population 1.4 billion in 2014, what is the correct way to solve for China's GDP per capita? A) 10 trillion minus 1.4 billion. B) 10 trillion divided by 1.4 billion. C) 10 trillion plus 1.4 billion. D) 10 trillion multiplied by 1.4 billion. Show Answer Correct Answer: B) 10 trillion divided by 1.4 billion. 8. What are intermediate goods? A) Medium quality. B) Goods that businesses make to make final goods. C) Goods exported to other countries. D) Goods imported from other countries. Show Answer Correct Answer: B) Goods that businesses make to make final goods. 9. The term underemployed implies that A) You want to work, but cannot find work. B) You are overqualified for your job. C) Neither of these. D) None of above. Show Answer Correct Answer: B) You are overqualified for your job. 10. Rising prices =? A) Inflation. B) Stagflation. C) Deflation. D) Dogflation. Show Answer Correct Answer: A) Inflation. 11. The value of the final goods and services produced in a given year expressed in terms of the prices in a reference base year. A) Real GDP. B) Gross Domestic Product. C) Business Cycle. D) Nominal GDP. Show Answer Correct Answer: A) Real GDP. 12. Holistic and psychology based approach to measure social welfare is ..... A) HDI. B) GDP. C) SPI. D) GNHI. Show Answer Correct Answer: D) GNHI. 13. In between job is the reason a person is unemployed A) Traditional unemployment. B) Cyclical unemployment. C) Structural unemployment. D) Frictional unemployment. Show Answer Correct Answer: D) Frictional unemployment. 14. How can an economist compare the standard of living in two different countries? A) By comparing real GDP per capita. B) By looking at the quality of life. C) By seeing how the GDP is distributed. D) By measuring physical capital. Show Answer Correct Answer: A) By comparing real GDP per capita. 15. In 2014, America's GDP was ..... trillion. A) 8. B) 10. C) 17. D) 64. Show Answer Correct Answer: C) 17. 16. For a nation's real GDP per capita to rise during a year: A) Consumption spending must increase. B) Real GDP must increase more rapidly than population. C) Population must increase more rapidly than real GDP. D) Investment spending must increase. Show Answer Correct Answer: B) Real GDP must increase more rapidly than population. 17. Gross National Happiness Index is developed in ..... A) India. B) Bhutan. C) Nepal. D) Oman. Show Answer Correct Answer: B) Bhutan. 18. The lowest point of a contractionary phase of the business cycle is known as ..... A) A peak. B) A-boo. C) A trough. D) A troff. Show Answer Correct Answer: C) A trough. 19. Wage-Price Spiral A) Rising wages cause higher prices which has higher wages. B) Income that does not increase even when prices go up. C) A sustained drop in the price of goods. D) A measurement that shows how the average cost of goods or services change over time. Show Answer Correct Answer: A) Rising wages cause higher prices which has higher wages. 20. A shoe produced in South Korea and sold in the U.S. A) Included in U.S. GDP. B) Included in South Korea GDP. C) Included in Canadian GDP. D) None of above. Show Answer Correct Answer: B) Included in South Korea GDP. ← 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