Unit 5 Review

Front

Is this counted in the GDP of the US? Cars made by a Japanese company in California.

Back

Yes

Front

Is this counted in the GDP of the US? Cars made by a US company in South Korea.

Back

No

Front

In which part of the GDP calculation does this fit? You spend $15 at AMC to see the latest Avengers movie.

Back

Consumer spending

Front

In which part of the GDP calculation does this fit? The US military spends $5 billion on five new helicopters.

Back

Government spending

Front

In which part of the GDP calculation does this fit? Australia exported $6 billion worth of goods in 2018, but imported $10 billion in goods.

Back

Net exports

Front

What type of GDP is calculated with the current year's prices? Options: Nominal GDP, Real GDP, GDP per capita

Back

Nominal GDP

Front

The trade in exotic animals being illegally sold as pets is a multi-billion-dollar-a-year industry. Is this included in GDP?

Back

No - Underground Economy

Front

To be certain that a country is producing more from year to year, economists look to see that ________________ has _________________.

Back

Real GDP has increased.

Front

The Business Cycle measures ___ over time.

Back

economic growth

Front

If GDP falls for at least 2 Quarters, it is considered what stage of the business cycle?

Back

Recession