ThatQuiz Test Library Take this test now
Gross Domestic Product (GDP)
Contributed by: Brennan
  • 1. What does GDP stand for?
A) Gross Domestic Product
B) Government Debt Percentage
C) General Distribution Process
D) Global Development Program
  • 2. Inflation-adjusted GDP is also known as:
A) Real GDP
B) Nominal GDP
C) Per capita GDP
D) Potential 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) 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) Government spending
B) Consumption
C) Investments
D) Net exports
  • 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. How does government spending impact GDP?
A) Negatively impacts GDP by raising taxes
B) Decreases GDP by reducing consumer spending
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) IMF
C) Bureau of Economic Analysis (BEA)
D) Federal Reserve
  • 9. When GDP growth rate is negative for two consecutive quarters, it is known as:
A) Stagnation
B) Expansion
C) Recession
D) Depression
  • 10. Which component of GDP reflects the value of exports minus imports?
A) Investments
B) Consumption
C) Net exports
D) Government spending
Created with That Quiz — a math test site for students of all grade levels.