GDP = Consumption by households + Investment by producers + government spending + (imports - exports)

Unit 2 Econ Quiz

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Other
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12th Grade - University
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Medium
Finan Letts
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Nominal GDP can rise in value because of two of the below reasons. Which reason is not correct?
The output of the country increases
The general level of prices in the country decreases
The general level of prices in the country increases
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which one of the following is NOT a method of calculating real GDP?
income method
savings method
expenditure method
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The following information is taken from the national accounts of Zambibia:
C = R200 million
I = R50 million
G = R150 million
X = R200 million
M = R180 million
Gross Domestic Expenditure is
R400 million
R420 million
R600 million
R380 million
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a cost of economic growth?
Distribution of income becomes more unequal.
Depletion of natural resources
Decreased inflation
Pollution and environmental damage
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If GDP is £300 billion and the population is 30 million. What is GDP per capita?
£270 billion
£100,000
£10,000
£1,000
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Calculate the economic growth rate if GDP was £60 billion in Year 1 and £63 billion in Year 2.
1%
5%
10%
15%
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