GDP and Business Cycle

GDP and Business Cycle

12th Grade

15 Qs

quiz-placeholder

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GDP and Business Cycle

GDP and Business Cycle

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Michael Howard

Used 14+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Gross Domestic Product measures the value of...

Goods and services produced in the United States.

Goods produced by any American owned company anywhere in the world.

Any product produced in the United States during a 3 year period

Good or service produced in Germany and sold in the United States

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the formula for GDP?

C + I + G + (X-M)

C + I + G / (X-M)

C + I + G + (population)

C + I + G + (Reserve Ratio)

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

East Dublin purchases a new fire truck. Where would this show up in GDP formula? (GDP=C+I+G+(X-M))

Consumption (Consumer)

Investment (Business)

Government Spending

Exports-Imports

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Costco builds a new store in Dublin. Where would this show up in the GDP formula? (GDP=C+I+G+(X-M))

Consumption (Consumer)

Investment (Business)

Government Spending

Exports-Imports

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

John went to Sports Clips and purchased a haircut. Where would this show up in the GDP formula?

Consumption (Consumer)

Investment (Business)

Government Spending

Exports-Imports

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The total dollar value of all final goods and services produced within the country’s border in a given year after inflation is taken out of the data.

Nominal GDP

GDP/capita

Gross GDP

Real GDP

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Why is real GDP more accurate than nominal GDP?

It's adjusted for price changes

It's adjusted for depreciation

It includes unpaid and paid work.

It includes unrecorded business.

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