Flocabulary Quiz

The gross domestic product is equal to the total_____ of a nation.

• supply and demand

• population

• debt

• goods and services

What is an example of a good and/or service?

• giving advice to a friend

• receiving a grade on your homework

• paying a repairman to fix your bike

• playing in a public park

Whose spending is included in GDP?

• consumers

• businesses

• government

• all of the above

Net exports is equal to _______ minus imports.

• exports

• productivity

• services

• population

When is GDP measured?

• hourly and weekly

• daily

• yearly and quarterly

• once every century

What does nominal GDP mean?

• GDP is calculated using current prices

• GDP is calculated only with goods and services costing less than $10

• GDP is calculated taking inflation into account

• GDP is calculated without government spending

What does real GDP mean?

• GDP is calculated using current prices

• GDP is calculated only with goods and services costing less than $10

• GDP is calculated taking inflation into account

• GDP is calculated without government spending

If China’s GDP was 10 trillion and its population 1.4 billion in 2014, what is the correct way to solve for China’s GDP per capita?

• 10 trillion minus 1.4 billion

• 10 trillion divided by 1.4 billion

• 10 trillion plus 1.4 billion

• 10 trillion multiplied by 1.4 billion

In 2014, America's GDP was _______ trillion.

• 8

• 10

• 17

• 64

True and False: a fall in per capita GDP means economic growth and productivity?

• true

• false