This quiz works best with JavaScript enabled. Home > Macroeconomics > Gdp > Gdp – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Gdp Quiz 6 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The unemployment rate does not account for which two types of people? A) Discouraged workers (hidden unemployed) and those employed. B) Full time carers and those in school. C) Retirees and those in prison. D) Discouraged workers (hidden unemployed) and underemployed. Show Answer Correct Answer: D) Discouraged workers (hidden unemployed) and underemployed. 2. The value of output produced by a country's citizens regardless of where the output is. A) Inflation. B) Gross national product. C) Gross domestic product. D) Social science. Show Answer Correct Answer: B) Gross national product. 3. Which of the following would not be counted in GDP? A) A widget produced in Missouri by a Canadian company. B) A widget produced in Germany by a U.S. company. C) A widget produced in Arkansas by a Chinese company. D) A widget produced in Tennessee by a U.S. company. Show Answer Correct Answer: B) A widget produced in Germany by a U.S. company. 4. Illegal goods and services that are produced are ..... A) Included as an estimate in GDP. B) Included in GDP when the authorities can prove the amount. C) Included in the consumption category of GDP. D) Not counted in GDP. Show Answer Correct Answer: D) Not counted in GDP. 5. Consumption expenditures are defined as spending on goods and services by A) Households, businesses and government. B) Businesses and government. C) Households. D) Households and businesses. Show Answer Correct Answer: C) Households. 6. If the Nominal interest rate was 12% and inflation was 3%; what was the real interest rate? A) 12%. B) 15%. C) 9%. D) None of above. Show Answer Correct Answer: C) 9%. 7. The term discouraged worker implies A) That you've been discouraged by the progress that you've made at your current job. B) That you've been discouraged by the chance to get a job so you've given up looking for work. C) Neither of these. D) None of above. Show Answer Correct Answer: B) That you've been discouraged by the chance to get a job so you've given up looking for work. 8. If a company lays off workers when the business cycle is going up (the economy is booming), what kinds of goods to this company most likely produce? A) Normal goods. B) Inferior goods. C) Technological goods. D) Capital goods. Show Answer Correct Answer: B) Inferior goods. 9. If the GDP deflator is equal to 105, it means that ..... A) GDP has decreased 5 percent. B) The inflation rate is 5 percent. C) GDP has increased 105 percent. D) The inflation rate is 105 percent. Show Answer Correct Answer: B) The inflation rate is 5 percent. 10. Something you can see and feel. A) Resources. B) Value. C) Goods. D) Labor. Show Answer Correct Answer: C) Goods. 11. A Japanese automobile assembled in the United States counts towards ..... A) The GNP of the U.S. B) The GDP of the U.S. C) The GDP of Japan. D) None of above. Show Answer Correct Answer: B) The GDP of the U.S. 12. What does real 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: C) GDP is calculated taking inflation into account. 13. It deals with the economic behavior of the whole economy A) Microeconomics. B) GNP. C) Macroeconomics. D) GDP. Show Answer Correct Answer: C) Macroeconomics. 14. Which country is at the top of the 'World Happiness Report' rankings? A) Iceland. B) Denmark. C) Finland. D) Sweden. Show Answer Correct Answer: C) Finland. 15. The GDP is A) Total market value and all goods and services produced in a nation over a specific time. B) Not used to measure economic activity. C) Is not a key economic indicator. D) Does not include government spending. Show Answer Correct Answer: A) Total market value and all goods and services produced in a nation over a specific time. 16. The production of durable goods varies more than the production of nondurable goods because: A) Durable purchases are non-postponable. B) Durable purchases are postponable. C) The producers of nondurables have monopoly power. D) Producers of durable are highly competitive. Show Answer Correct Answer: B) Durable purchases are postponable. 17. In this phase of the business cycle, GDP grows and unemployment shrinks. A) Expansion. B) Peak. C) Contraction. D) Trough. Show Answer Correct Answer: A) Expansion. 18. Which of the following is not a type of unemployment? A) Structural. B) Frictional. C) Cyclical. D) Clinical. Show Answer Correct Answer: D) Clinical. 19. All of the following flow among households, businesses, and the government in American economy EXCEPT: A) Resources. B) Laws. C) Goods and services. D) Money. Show Answer Correct Answer: B) Laws. 20. What is not a criterion used to measure welfare in HDI? A) Education. B) Opportunity. C) Standard of living. D) Health and life expectancy. Show Answer Correct Answer: B) Opportunity. ← PreviousNext →Related QuizzesMacroeconomics QuizzesGdp Quiz 1Gdp Quiz 2Gdp Quiz 3Gdp Quiz 4Gdp Quiz 5Gdp Quiz 7Gdp Quiz 8Gdp Quiz 9Gdp Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books