Understanding GDP and Economic Terms

Understanding GDP and Economic Terms

Professional Development

11 Qs

quiz-placeholder

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Understanding GDP and Economic Terms

Understanding GDP and Economic Terms

Assessment

Quiz

Other

Professional Development

Medium

Created by

Javeria Malik

Used 1+ times

FREE Resource

11 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does GDP stand for? A) Gross Domestic Product B) General Domestic Price C) Global Development Plan D) Gross Development Product

A) Gross Domestic Product

General Development Plan

Gross Domestic Price

Global Domestic Product

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of Nominal GDP?

C) The total value of all services provided in a year at constant prices

B) The total value of all cars sold in a year at current prices

A) The value of all goods produced in a country adjusted for population size

D) The value of all goods produced in a country including intermediate goods

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Real GDP?

GDP calculated only from imports

GDP that includes only private sector spending

GDP measured at constant prices

C) GDP adjusted for inflation to reflect true economic growth

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are final goods?

D) Goods that are exported to other countries

B) Goods that are sold to consumers for their final use

A) Goods that are used to produce other goods

C) Goods that are not sold in the market

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term 'inflation' refer to?

B) An increase in the general price level

A decrease in the general price level

A temporary rise in prices

A measure of currency stability

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of GDP?

D) To measure a country's military strength

B) To measure a country's economic performance

C) To measure a country's cultural heritage

A) To measure a country's literacy (educated people) rate

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT included in GDP calculations?

G) Charitable donations

E) Personal savings

F) Stock market gains

A) Household production

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