This quiz works best with JavaScript enabled. Home > Macroeconomics > Gdp > Gdp – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Gdp Quiz 8 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The date when the prime minister born A) Sept. 20, 2003. B) March 13, 2013. C) Dec. 2, 1972. D) March. 17, 1960. Show Answer Correct Answer: B) March 13, 2013. 2. What is an example of a good and/or service? A) Giving advice to a friend. B) Receiving a grade on your homework. C) Paying a repairman to fix your bike. D) Playing in a public park. Show Answer Correct Answer: C) Paying a repairman to fix your bike. 3. The percentage change in the price level from a previous period A) Unemployment rate. B) Inflation rate. C) GDP. D) CPI. Show Answer Correct Answer: B) Inflation rate. 4. What are the two main types of GDP? A) Growth & Stabilizing. B) Normal & Inferior. C) Real & Nonmarket. D) Nominal & Real. Show Answer Correct Answer: D) Nominal & Real. 5. Which American city is known as the "city of brotherly love" A) Boston. B) Cleveland. C) Philadelphia. D) Chicago. Show Answer Correct Answer: C) Philadelphia. 6. Which of the following in NOT part of the GDP equation A) Consumer Spending. B) Demand Spending. C) Business Investment. D) Government Spending. Show Answer Correct Answer: B) Demand Spending. 7. Which of the following expenditure components of GDP can be negative or positive? A) Consumption expenditures. B) Investment expenditures. C) Government purchases of goods and services. D) Net exports of goods and services. Show Answer Correct Answer: D) Net exports of goods and services. 8. Which of the following is a final good or service? A) Tires purchased by Ford for use on one of their SUV's. B) The new economics textbook you are using. C) The hair gels used by a hair stylist at the local hair salon. D) The taco shells purchased by Taco Bell for use in their tacos. Show Answer Correct Answer: B) The new economics textbook you are using. 9. When is GDP measured? A) Hourly and weekly. B) Daily. C) Yearly and quarterly. D) Once every century. Show Answer Correct Answer: C) Yearly and quarterly. 10. If aggregate demand rises faster than producers can supply goods services A) Demand-pull inflation. B) Cost-push inflation. C) Inflation. D) None of above. Show Answer Correct Answer: A) Demand-pull inflation. 11. Real GDP is same as A) Nominal GNP. B) GDP at current prices. C) GDP adjusted for Inflation. D) GNP less net factor income from abroad. Show Answer Correct Answer: C) GDP adjusted for Inflation. 12. Which is not included in the CPI calculation? A) A market basket price. B) A base year. C) X100. D) GDP for current year. Show Answer Correct Answer: D) GDP for current year. 13. If the MPC is .6, the multiplier will be: A) 4. B) 6. C) 2.5. D) 1.67. Show Answer Correct Answer: C) 2.5. 14. Which of the following measure of welfare focuses on people and their capabilities to access the development and welfare of a country? A) Social Progress Index. B) Gross Domestic Product. C) Human Development Index. D) Gross National Happiness Index. Show Answer Correct Answer: C) Human Development Index. 15. What is the highest point of real GDP called? A) Contraction. B) Expansion. C) Peak. D) Trough. Show Answer Correct Answer: C) Peak. 16. Remember:there are four "pieces" of GDP:C, I, G, Nx).When the government spends money to build new public schools, which piece is affected? A) C. B) I. C) G. D) (Ex-Im). Show Answer Correct Answer: C) G. 17. Which of the following is a main cause of poverty in the United States? A) Income inequality. B) Number of children. C) Underemployment. D) Lack of education. Show Answer Correct Answer: D) Lack of education. 18. He is the prime minister of the Singapore. A) Lee Kuan Yew. B) Benigno Simeon Aquino. C) Ferdinand Marcos. D) Andrew Ford. Show Answer Correct Answer: A) Lee Kuan Yew. 19. Goods and services produced by U.S. firms anywhere in the world count towards A) GDP. B) GNP. C) External shocks. D) The business cycle. Show Answer Correct Answer: B) GNP. 20. When a nation's exports exceed its imports and is calculated as exports-imports A) Trade surplus. B) Trade deficit. C) Inventory. D) Gross domestic product. Show Answer Correct Answer: A) Trade surplus. ← PreviousNext →Related QuizzesMacroeconomics QuizzesGdp Quiz 1Gdp Quiz 2Gdp Quiz 3Gdp Quiz 4Gdp Quiz 5Gdp Quiz 6Gdp Quiz 7Gdp Quiz 9Gdp Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books