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