This quiz works best with JavaScript enabled. Home > Macroeconomics > Gdp > Gdp – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Gdp Quiz 7 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Cyclical unemployment results from: A) A deficiency of aggregate spending. B) The decreasing relative importance of goods and the increasing relative importance of services in the U.S. economy. C) The everyday dynamics of a free labor market. D) Technological change. Show Answer Correct Answer: A) A deficiency of aggregate spending. 2. If a nation's GDP is declining and the inflation rate is 10 percent a year, than the country is most likely experiencing A) An economic expansion. B) Stagflation. C) An economic depression. D) A boom period. Show Answer Correct Answer: B) Stagflation. 3. When high unemployment is combined with high inflation A) Deflation. B) Inflation. C) Stagflation. D) Noflation. Show Answer Correct Answer: C) Stagflation. 4. Using the following figures, please find GDP. C = 11.2 billion I = 2.5 billion G = 3.1 billion X = 2.2 billion M = 2.7 billion. A) $ 16.8 billion. B) $ 15.8 billion. C) $ 21.7 billion. D) $ 16.3 billion. Show Answer Correct Answer: D) $ 16.3 billion. 5. Which national income measurement approach aggregates spending on goods and services? A) Income approach. B) Output approach. C) Expenditure approach. D) None of the above. Show Answer Correct Answer: C) Expenditure approach. 6. Which is MOST likely to be in a country with a high literacy rate? A) A low standard of living. B) A high standard of living. C) Little investment in human capital. D) Too much investment in capital resources. Show Answer Correct Answer: B) A high standard of living. 7. Remember:there are four "pieces" of GDP:C, I, G, Nx.If you spend $ 20, 000 on a vehicle, which piece are you affecting? A) C. B) I. C) G. D) (Ex-Im). Show Answer Correct Answer: A) C. 8. Which is a final product in a bakery? A) Cake. B) Flour. C) Eggs. D) Sugar. Show Answer Correct Answer: A) Cake. 9. Which of the following would be included in the calculation of GDP? A) Final goods. B) Intermediate goods. C) Second hand goods. D) Black market activity. Show Answer Correct Answer: A) Final goods. 10. Dissaving means: A) The same thing as disinvesting. B) That households are spending more than their current incomes. C) That saving and investment are equal. D) That disposable income is less than zero. Show Answer Correct Answer: B) That households are spending more than their current incomes. 11. Person pays for a house that's 10 years old. A) Consumer spending. B) Not counted in GDP. C) Investment spending. D) Net exports of goods and services. Show Answer Correct Answer: B) Not counted in GDP. 12. What is the difference between Nominal and Real GDP? A) Nominal GDP includes imports from other countries, Real GDP does not. B) Real GDP is adjusted for inflation, nominal is not. C) Real GDP represents the current year, nominal represents a base year. D) None of above. Show Answer Correct Answer: B) Real GDP is adjusted for inflation, nominal is not. 13. A budget surplus is best described as which of the following A) Revenue is greater than expenses. B) Revenue is less than expenses. C) Revenue is equal to expenses. D) Expenses is greater than revenue. Show Answer Correct Answer: A) Revenue is greater than expenses. 14. The most current US GDP per Capita is roughly A) $ 50, 000. B) $ 64, 000. C) $ 70, 000. D) Over $ 100, 000. Show Answer Correct Answer: B) $ 64, 000. 15. Type of inflation in which price levels for goods and services increases by 500 percent or more a year? A) Creeping inflation. B) Galloping inflation. C) Hyperinflation. D) Cost-push inflation. Show Answer Correct Answer: C) Hyperinflation. 16. Which of the following would NOT be included in GDP? A) Haircut at Fantastic Sams. B) Buying 1, 000 $ of Fantastic Sams Stock. C) Buying shampoo at Fantastic Sams. D) Haircut at Supercuts. Show Answer Correct Answer: B) Buying 1, 000 $ of Fantastic Sams Stock. 17. Which type of unemployment is this:Jon left his job in GA because he is moving to be closer to family in MO. A) Cyclical. B) Frictional. C) Structural. D) Not unemployed. Show Answer Correct Answer: B) Frictional. 18. When production in an economy grows more quickly than the population in that economy, which of the following must be occurring? A) Real GDP is falling. B) Incomes are growing at a slower rate than the population. C) Real GDP per capita is rising. D) Living standards are falling. Show Answer Correct Answer: C) Real GDP per capita is rising. 19. When Ivan's birthday? A) 1/01. B) 1/02. C) 21/01. D) 05/02. Show Answer Correct Answer: C) 21/01. 20. The U.S. Government hired 10 Chinese-language experts, from China, to train U.S. Workers. A) GDP increases. B) GDP decreases. C) No change. D) None of above. Show Answer Correct Answer: B) GDP decreases. ← PreviousNext →Related QuizzesMacroeconomics QuizzesGdp Quiz 1Gdp Quiz 2Gdp Quiz 3Gdp Quiz 4Gdp Quiz 5Gdp Quiz 6Gdp Quiz 8Gdp Quiz 9Gdp Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books