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