This quiz works best with JavaScript enabled. Home > Macroeconomics > Gdp > Gdp – Quiz 16 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Gdp Quiz 16 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Assuming the total population is 100 million, the civilian labor force is 50 million, and 3 million workers are unemployed, the unemployment rate is: A) 3 percent. B) 6 percent. C) 7 percent. D) 9 percent. Show Answer Correct Answer: B) 6 percent. 2. If Nominal GDP was $ 36, 000 and the GDP deflator was 120. Real GDP is A) $ 43, 200. B) $ 28, 800. C) $ 7200. D) None of above. Show Answer Correct Answer: B) $ 28, 800. 3. When imports exceed exports we call this a A) Trade deficit. B) Net export. C) Both of these are acceptable. D) None of above. Show Answer Correct Answer: A) Trade deficit. 4. If GDP is currently $ 13 trillion and is growing at a rate of 2.3% per year, how long will it take GDP to reach $ 26 trillion? A) About 15 years. B) About 17 years. C) About 25 years. D) About 30 years. Show Answer Correct Answer: D) About 30 years. 5. The purchase of new capital goods (tools, instruments, machines, buildings) and additions to inventories A) Exports of goods and services. B) Real GDP. C) Investment. D) Net exports of goods and services. Show Answer Correct Answer: C) Investment. 6. Which American industry was hit hard by NAFTA A) Aviation. B) Avocados. C) Manufacturing. D) Movie. Show Answer Correct Answer: C) Manufacturing. 7. What is meant by GDP? A) General Domestic Product. B) Gross Domestic Product. C) Great Domestic Product. D) None of above. Show Answer Correct Answer: B) Gross Domestic Product. 8. EXXON explores for oil A) Consumer spending. B) Government spending. C) Investment spending. D) Net exports of goods and services. Show Answer Correct Answer: C) Investment spending. 9. In the GDP equation, what does the 'C' stand for? A) Consumer spending. B) Consumer income. C) Convoy. D) Consumer health. Show Answer Correct Answer: A) Consumer spending. 10. The economy can be measured in two different ways. This includes adding up all of the ..... or ..... A) Spending; government receipts. B) Government receipts; federal debt. C) Federal debt; personal loans. D) Income produced; spending. Show Answer Correct Answer: D) Income produced; spending. 11. Which national income measurement approach uses the formula:GDP = C+I+G+ (X-M)? A) Income approach. B) Output method. C) Expenditure method. D) Equilibrium GDP method. Show Answer Correct Answer: C) Expenditure method. 12. General increase in the prices of goods and services A) Traditional economy. B) Foreign exchange. C) Inflation. D) Scarcity. Show Answer Correct Answer: C) Inflation. 13. Which nation grows the most corn A) USA. B) Mexico. C) Canada. D) Sealand. Show Answer Correct Answer: A) USA. 14. What does the "M" stand for in the GDP equation A) Marital status. B) Manufactured goods. C) Math. D) Import. Show Answer Correct Answer: D) Import. 15. GDP per capita tells you what? A) Living standard. B) Income taxes. C) Property taxes. D) Projected growth rate. Show Answer Correct Answer: A) Living standard. 16. An American named Peter Parker buys a necklace from Italy. Identity the proper category of GDP. A) Consumer spending. B) Investment spending. C) Not included. D) Net Exports. Show Answer Correct Answer: D) Net Exports. 17. A general rule of thumb says that a country has experienced a recession if: A) Real GDP has declined. B) GDP has declined. C) Nominal GDP has declined for at least two consecutive quarters. D) Real GDP has declined for at least two consecutive quarters. Show Answer Correct Answer: D) Real GDP has declined for at least two consecutive quarters. 18. What Starbuck's beverage is purchased the most this time of year? A) Pumpkin Cream Cold Brew. B) Pumpkin Frappuccino. C) Smores Frappuccino. D) Pumpkin Spice Latte. Show Answer Correct Answer: D) Pumpkin Spice Latte. 19. If a country has a large proportion of its workforce working in foreign nations sending their earnings back home, its GNP will likely be ..... than its GDP. A) Lower. B) Higher. C) The same as. D) As least less. Show Answer Correct Answer: B) Higher. 20. At an annual growth rate of 7 percent, real GDP will double in about: A) 11 1/2 years. B) 10 years. C) 13 1/2 years. D) 9 years. Show Answer Correct Answer: B) 10 years. ← 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