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