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Gross Domestic Product (GDP)
  • 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) Nominal GDP
C) Per capita GDP
D) Real 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) Income + Consumption + Net Exports - Government Spending
B) Consumption + Investment + Government Spending + Net Exports
C) Consumption + Savings + Exports - Imports
D) Investment + Taxes - Imports + Exports
  • 5. What is the largest component of GDP in most economies?
A) Net exports
B) Government spending
C) Investments
D) Consumption
  • 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 includes government spending, while GNP does not
D) GDP measures economic output within a country, while GNP measures output by country's residents worldwide
  • 7. How does government spending impact GDP?
A) Decreases GDP by reducing consumer spending
B) Negatively impacts GDP by raising taxes
C) Increases GDP through direct expenditures
D) Has no impact on GDP
  • 8. Which organization releases GDP data for the United States?
A) World Bank
B) Federal Reserve
C) Bureau of Economic Analysis (BEA)
D) IMF
  • 9. When GDP growth rate is negative for two consecutive quarters, it is known as:
A) Depression
B) Stagnation
C) Expansion
D) Recession
  • 10. Which component of GDP reflects the value of exports minus imports?
A) Consumption
B) Government spending
C) Investments
D) Net exports
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