Economic Terms Quiz

What does GDP stand for in economic terms?

• Gross Domestic Product

• Global Development Plan

• General Domestic Policy

• Gross Development Program

What does GDP display about a nation?

• Economic Health

• Political Stability

• Cultural Diversity

• Military Strength

What does GDP measure in a country?

• The dollar value of all final goods and services produced within a country’s borders in a given year

• The total population growth in a year

• The number of new businesses started in a year

• The amount of foreign investment in a year

Which method is more commonly used to calculate GDP?

• Adding together how much every consumer in the entire economy spent

• Adding together how much every consumer in the entire economy earned in paychecks

• Calculating the total exports of a country

• Measuring the total number of goods produced

What is the expenditures approach in calculating GDP?

• Adding together how much every consumer in the entire economy spent

• Adding together how much every consumer in the entire economy earned in paychecks

• Calculating the total imports of a country

• Measuring the total number of services provided

What does the 'C' represent in the GDP formula GDP = C + Ig + G + Xn?

• Government Spending

• Consumption

• Private Investment

• Net Exports

In the formula GDP = C + Ig + G + Xn, what does 'Ig' stand for?

• Consumption

• Government Spending

• Private Investment

• Net Exports

What is the term for the formula GDP = C + Ig + G + Xn?

• Income Approach Model

• Output Expenditure Model

• Production Approach Model

• Investment Approach Model

In the GDP formula, what does 'Xn' represent?

• Consumption

• Government Spending

• Private Investment

• Net Exports

What does the 'C' in the GDP equation C+IG+G+XN=GDP stand for?

• Capital

• Consumption

• Currency

• Cost