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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) Gross Domestic Product
D) Government Debt Percentage
  • 2. Inflation-adjusted GDP is also known as:
A) Real GDP
B) Per capita GDP
C) Nominal GDP
D) Potential GDP
  • 3. Which sector of the economy includes farming and mining?
A) Tertiary sector
B) Quaternary sector
C) Primary sector
D) Secondary sector
  • 4. GDP can be calculated by summing:
A) Income + Consumption + Net Exports - Government Spending
B) Consumption + Investment + Government Spending + Net Exports
C) Investment + Taxes - Imports + Exports
D) Consumption + Savings + Exports - Imports
  • 5. What is the largest component of GDP in most economies?
A) Net exports
B) Consumption
C) Investments
D) Government spending
  • 6. What is the difference between GDP and GNP?
A) GDP measures wealth, while GNP measures income
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 is adjusted for inflation, while GNP is not
  • 7. How does government spending impact GDP?
A) Decreases GDP by reducing consumer spending
B) Negatively impacts GDP by raising taxes
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) Depression
B) Stagnation
C) Recession
D) Expansion
  • 10. Which component of GDP reflects the value of exports minus imports?
A) Net exports
B) Government spending
C) Consumption
D) Investments
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