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Gross Domestic Product (GDP)
Contributed by: Brennan
  • 1. What does GDP stand for?
A) Gross Domestic Product
B) General Distribution Process
C) Government Debt Percentage
D) Global Development Program
  • 2. Inflation-adjusted GDP is also known as:
A) Nominal GDP
B) Per capita GDP
C) Real GDP
D) Potential GDP
  • 3. Which sector of the economy includes farming and mining?
A) Secondary sector
B) Primary sector
C) Quaternary sector
D) Tertiary sector
  • 4. GDP can be calculated by summing:
A) Income + Consumption + Net Exports - Government Spending
B) Investment + Taxes - Imports + Exports
C) Consumption + Savings + Exports - Imports
D) Consumption + Investment + Government Spending + Net Exports
  • 5. What is the largest component of GDP in most economies?
A) Net exports
B) Investments
C) Consumption
D) Government spending
  • 6. What is the difference between GDP and GNP?
A) GDP is adjusted for inflation, while GNP is not
B) GDP measures wealth, while GNP measures income
C) GDP measures economic output within a country, while GNP measures output by country's residents worldwide
D) GDP includes government spending, while GNP does not
  • 7. Which component of GDP reflects the value of exports minus imports?
A) Investments
B) Consumption
C) Net exports
D) Government spending
  • 8. When GDP growth rate is negative for two consecutive quarters, it is known as:
A) Depression
B) Stagnation
C) Expansion
D) Recession
  • 9. Which organization releases GDP data for the United States?
A) IMF
B) World Bank
C) Federal Reserve
D) Bureau of Economic Analysis (BEA)
  • 10. How does government spending impact GDP?
A) Has no impact on GDP
B) Negatively impacts GDP by raising taxes
C) Increases GDP through direct expenditures
D) Decreases GDP by reducing consumer spending
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