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