Understanding GDP and Its Impact

What does GDP stand for?

• General domestic product

• Gross domestic price

• General domestic price

• Gross domestic product

How often are new GDP figures published in the UK?

• Every month

• Every quarter

• Every year

• Every week

What indicates a recession in terms of GDP?

• GDP fluctuating for two consecutive quarters

• GDP falling for two consecutive quarters

• GDP rising for two consecutive quarters

• GDP remaining stable for two consecutive quarters

Which sector helped the UK economy grow in the first three months of 2024?

• Services

• Manufacturing

• Agriculture

• Construction

What are the three ways GDP can be measured?

• Consumption, Savings, Investment

• Demand, Supply, Production

• Import, Export, Production

• Output, Expenditure, Income

What does the GDP figure often change after its initial estimate?

• Political influence

• More data becomes available

• Changes in international markets

• Annual financial adjustments

What does GDP per capita indicate?

• Individual standard of living

• Business profitability

• Total country's wealth

• Government's budget

Which of the following is NOT captured by GDP?

• Government spending

• Unpaid work

• Service sector output

• Manufacturing output

What was a significant consequence of the 2020 recession in the UK?

• Government borrowed hundreds of billions of pounds

• Immediate economic growth

• Decrease in public spending

• Increase in exports

What alternative measures have been developed due to the limitations of GDP?

• Measures based solely on exports

• Measures that include well-being and environmental impact

• Measures based on political stability

• Only economic growth measures