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Gross Domestic Product (GDP) - Test
Contributed by: Brennan
  • 1. What does GDP stand for?
A) General Distribution Process
B) Global Development Program
C) Government Debt Percentage
D) Gross Domestic Product
  • 2. Inflation-adjusted GDP is also known as:
A) Real GDP
B) Per capita GDP
C) Potential GDP
D) Nominal GDP
  • 3. Which sector of the economy includes farming and mining?
A) Tertiary sector
B) Secondary sector
C) Primary sector
D) Quaternary sector
  • 4. GDP can be calculated by summing:
A) Consumption + Investment + Government Spending + Net Exports
B) Investment + Taxes - Imports + Exports
C) Income + Consumption + Net Exports - Government Spending
D) Consumption + Savings + Exports - Imports
  • 5. Which component of GDP reflects the value of exports minus imports?
A) Government spending
B) Consumption
C) Net exports
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 measures wealth, while GNP measures income
D) GDP includes government spending, while GNP does not
  • 7. Which organization releases GDP data for the United States?
A) World Bank
B) Federal Reserve
C) Bureau of Economic Analysis (BEA)
D) IMF
  • 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) Depression
C) Expansion
D) Recession
  • 10. What is the largest component of GDP in most economies?
A) Net exports
B) Investments
C) Consumption
D) Government spending
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