GDP Assessment
Quiz by Michelle
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20 questions
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- Q1A restaurant buys strawberries to make a smoothie. The purchase of the strawberries is added to GDP under consumption.TrueFalse30s
- Q2Which of the following macroeconomic indicators is real GDP per capita generally correlated with? Mark all that apply.Life expectancyLiteracyHappinessPoverty30s
- Q3If real GDP is $100 and the number of people in a country is 20, then real GDP per capita in that country is:$5$2000$100$20030s
- Q4Prices typically rise for similar goods over time, the economic term for this is______.InflationReal GDPDeflationNominal GDPAnnoying30s
- Q5Which GDP measure best approximates the standard of living over time?Nominal GDPNominal GDP per capitaReal GDPReal GDP per capita30s
- Q6Which of the following are NOT included in GDP? Mark all that apply.A professional nanny taking care of a toddlerAn economics tutor teaching her students about GDPLooking up GDP on WikipediaA father taking care of his toddlerBuying a used recordPurchasing a new electronic music record30s
- Q7A customer buys a strawberry smoothie from a restaurant. The purchase of the smoothie is added to GDP under consumption.b) Falsea) True30s
- Q8In which of the following scenarios does compound growth occur? Mark all that apply.e) Your heightb) Saving $1 per day under your mattressa) Economic growthc) Bacterial growthd) Disease spread30s
- Q9Imported oranges to the United States from the Dominican Republic are counted towards which country’s GDP?The Dominican RepublicU.S.30s
- Q10The price of coffee increases, but the amount sold remains the same. What would increase?a) Nominal GDPb) Real GDP30s
- Q11How much richer is the U.S. today compared to 1800 (note: the US has grown at roughly 2 percent per year since 1800)?4 times10 timesmore than 10 times2 times30s
- Q12If a country’s nominal GDP increases by 100% from one year to the next, which of the following variables likely increased the most?LiteracyHappinessLife expectancyInflation30s
- Q13If the price of housing doubled over ten years, what was its growth rate according to the rule of20%None of the above7%1%10%30s
- Q14Based on the above graph which shows nominal and real GDP, we can claim that:Prices rose in TurkeyPrices fell in Turkey30s
- Q15GDP stands foGross Dogs PoodleGreat Depression ProjectGross Domestic ProductGross Domestic Project30s
