BM: 3-3 Gross Domestic Product (GDP)

Front

What does GDP stand for?

Back

Gross Domestic Product

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What is the main purpose of GDP?

Back

To measure the size of a nation's economy

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What is the primary method used to calculate GDP? Options: The Production Approach, The Expenditure Approach, The Consumption Approach, The Income Approach

Back

The Expenditure Approach

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What does the term 'Net Exports' refer to in the calculation of GDP?

Back

A country's total exports minus its total imports

Front

What is the underground economy also known as?

Back

Black Market

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What does GDP not include in its calculation? Options: Net exports, Government spending, Private consumer spending

Back

Transfer payments

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What is the measure of productivity in an economy?

Back

Amount of goods and services produced per unit of input

Front

What is the largest GDP in the world as of 2019? Options: India, China, United States, Japan

Back

United States

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What is inflation?

Back

The increase in the general level of prices in an economy.

Front

What is the purpose of the Federal Reserve in the U.S.?

Back

To adjust interest rates in an effort to manipulate inflation