Macro General Quiz

What does GDP stand for in economic terms?

• General Demand Product

• Gross Domestic Product

• Government Debt Percentage

• Generalized Data Protocol

What is meant by Nominal GDP?

• GDP adjusted for inflation

• GDP not adjusted for inflation

• GDP divided by population

• GDP growth rate

How is Real GDP different from Nominal GDP?

• It measures GDP not adjusted for inflation

• It is the total value of goods produced

• It measures GDP adjusted for inflation

• It is a measure of government debt

What does the rate of economic growth measure?

• The total value of goods and services

• The annual/quarterly % change in real GDP

• The GDP per capita

• The environmental sustainability of growth

Which of the following is a requirement for sustainable economic growth?

• High inflationary growth

• Temporary economic booms

• Low-inflationary growth

• Decrease in GDP per capita

Refer to the diagram below. What was the approximate annual rate of economic growth in the UK in Q2 2014?

• 0.7%

• 2.8%

• 1.5%

• 3.0%

According to the diagram, how did the UK's economic growth perform in 2008/09?

• It was stable

• It increased

• It was negative

• It surpassed expectations

What is considered a primary economic objective of most governments to enhance living standards and employment?

• Increasing national defense spending

• Sustainable economic growth

• Reducing educational outreach

• Expanding governmental bureaucracy

Which of the following is NOT listed as a less important objective of government economic policy?

• Low government borrowing

• Stable exchange rate

• High government transparency

• Issues of equality

What could be a potential negative consequence of high economic growth?

• Decreased consumer goods availability

• Increased income inequality

• Improved government finances

• Lower unemployment