GDP Practice Questions

GDP Practice Questions

Assessment

Flashcard

Social Studies

12th Grade

Hard

Created by

Wayground Content

FREE Resource

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14 questions

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1.

FLASHCARD QUESTION

Front

Which of the following best defines Gross Domestic Product (GDP)?

Back

The total value of goods and services produced within a country's borders in a specific time period

2.

FLASHCARD QUESTION

Front

Which of the following would NOT be included in the calculation of GDP? Purchase of a new car by a family, Construction of a new factory by a business, Payment of salaries to government employees

Back

Purchase of stocks and bonds by an individual

3.

FLASHCARD QUESTION

Front

Real GDP is adjusted for:

Back

Inflation

4.

FLASHCARD QUESTION

Front

Nominal GDP differs from real GDP in that nominal GDP:

Back

Reflects current prices

5.

FLASHCARD QUESTION

Front

Which of the following is an example of consumption expenditure in GDP calculation? A household buying groceries for the week, A company purchasing new machinery for its production facility, The government investing in infrastructure projects, Foreign tourists spending money on souvenirs in the country

Back

A household buying groceries for the week

6.

FLASHCARD QUESTION

Front

Investment expenditure in GDP calculation includes: Purchase of stocks and bonds, Government purchases of goods and services, Household spending on durable goods, Business spending on new factories and equipment

Back

Business spending on new factories and equipment

7.

FLASHCARD QUESTION

Front

Government spending in GDP calculation includes spending on: Social welfare programs, Foreign imports, Private sector investments, Corporate bonuses

Back

Social welfare programs

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