Which of the following is considered a nonmarket transaction?

Mowing your neighbor's lawn for free

What is the significance of using real GDP?

It measures economic growth adjusted for inflation

It only counts goods produced in a year

It includes illegal transactions

It is always higher than nominal GDP

Which of the following best describes the concept of Gross Domestic Product (GDP)?

The total market value of all final goods and services produced within a country's borders in a given period of time

The total amount of money circulating in an economy

The difference between a country's exports and imports

The total value of all goods sold in a country, including used items

Which of the following is NOT included in GDP calculations?

A new car manufactured and sold in the country

A haircut provided by a licensed salon

The construction of a new government building

Which economic activity would be considered part of the 'underground economy' and excluded from GDP calculations?

An unlicensed street vendor selling counterfeit goods

A farmer selling vegetables at a local market

A teacher receiving their monthly salary

A company exporting electronics to another country

What is the primary difference between nominal GDP and real GDP?

Nominal GDP is measured in current prices, while real GDP is adjusted for inflation

Nominal GDP includes services, while real GDP only includes goods

Nominal GDP is calculated annually, while real GDP is calculated quarterly

Nominal GDP excludes government spending, while real GDP includes it

Which of the following transactions would be counted as part of the 'I' (Investment) component of GDP?

A company buying new manufacturing equipment

The government building a new highway

An individual buying shares of stock on the stock market

What does 'per capita GDP' represent?

The GDP divided by the total population

The GDP of the wealthiest 1% of the population

Which of the following would NOT be considered a 'final good' in GDP calculations?

Steel used in the production of appliances

A loaf of bread sold in a supermarket

What impact do transfer payments, such as social security benefits, have on GDP?

They have no direct impact on GDP calculations

They increase GDP significantly

They are counted as part of government spending in GDP

Which of the following best describes the concept of economic growth?

Sustained increases in an economy's real GDP

An increase in the price level of goods and services

A decrease in unemployment rates

An improvement in a country's balance of trade

How does GDP per capita relate to a nation's standard of living?

It is considered the best measure of a nation's standard of living

It has no relation to standard of living

It only measures the standard of living for the wealthiest citizens

It is inversely related to standard of living

Which of the following would be included in the 'NX' (Net Exports) component of GDP?

The difference between the value of exports and imports

The total value of all goods exported from the country

The total value of all goods imported into the country

The combined value of all international trade

Which of the following is NOT a main topic in macroeconomics?

Individual firms pricing strategies

Why are second-hand sales excluded from GDP calculations?

Their value has already been counted in a previous period's GDP

They are too difficult to track accurately

They don't contribute to economic growth

They are considered part of the underground economy

How does the underground economy impact GDP calculations?

It is excluded from GDP, potentially underestimating economic activity

It is fully included in GDP calculations

It is partially estimated and included in GDP

It is subtracted from GDP to account for illegal activities

How does government spending influence GDP?

It can stimulate economic growth

It decreases consumer confidence

Inflation is best defined as:

A sustained increase in the general price level of goods and services in an economy over time

A decrease in the overall level of prices

A period when unemployment is rising rapidly

An increase in the purchasing power of money

Which of the following is a key indicator of the standard of living related to the overall health of a population?

The level of government spending

The GDP definition uses "market value" to measure production. This primarily means that:

GDP uses the prices at which goods and services sell to provide a common unit for adding up different items

GDP only counts goods sold in traditional markets or stores

GDP measures the satisfaction or utility consumers get from goods

GDP calculation ignores the cost of producing goods and services

Macroeconomics Test

Authored by Matt Duggin

Social Studies

12th Grade

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40 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary focus of macroeconomics?

Individual firms

Household spending

The economy as a whole

Local markets

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a component of GDP?

Consumption

Investment

Net Exports

Inflation

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which component of GDP accounts for the largest percentage?

Consumption

Investment

Government Spending

Net Exports

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between nominal GDP and real GDP?

Nominal GDP is adjusted for inflation, real GDP is not

Real GDP is adjusted for inflation, nominal GDP is not

Both are the same

Nominal GDP includes only goods, real GDP includes services

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following transactions would be included in GDP?

Buying a used car

Building a new school

Selling a used book

Receiving a gift

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does 'per capita GDP' measure?

Total GDP of a country

GDP divided by the total population

GDP growth rate

GDP per household

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of an intermediate good?

A new car

A tire for a new car

A cheeseburger

A new house

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Macroeconomics Test

What is the primary focus of macroeconomics?

Which of the following is NOT a component of GDP?

Which component of GDP accounts for the largest percentage?

What is the difference between nominal GDP and real GDP?

Which of the following transactions would be included in GDP?

What does 'per capita GDP' measure?

Which of the following is an example of an intermediate good?

Which of the following is considered a nonmarket transaction?

What is the formula for calculating GDP?

What does the 'NX' in the GDP formula represent?

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