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