GDP Quiz

Which of the following is included in the GDP formula?

• Consumer Spending

• Personal Savings

• Foreign Aid

• Charitable Donations

How is GDP calculated using the simple formula provided?

• GDP = Consumer Spending + Business Investment + Government Spending + (Exports - Imports)

• GDP = Consumer Spending + Business Investment + Government Spending - (Exports + Imports)

• GDP = Consumer Spending - Business Investment + Government Spending + (Exports + Imports)

• GDP = Consumer Spending + Business Investment - Government Spending + (Exports - Imports)

If consumer spending is $5 trillion, business investment is $2 trillion, government spending is $3 trillion, and net exports are $1 trillion, what is the GDP?

• $11 trillion

• $10 trillion

• $9 trillion

• $12 trillion

What type of industry does manufacturing belong to?

• Primary

• Secondary

• Tertiary

• Quaternary

Which industry is involved in providing services like healthcare and education?

• Primary

• Secondary

• Tertiary

• Quaternary

What is the employment rate?

• Percentage of people actively looking for work but haven’t found jobs

• Percentage of working-age people who have jobs

• Percentage of people who are self-employed

• Percentage of people working in the gig economy

Which of the following is considered part-time employment?

• Working more than 40 hours/week

• Working less than 40 hours/week

• Working exactly 40 hours/week

• Working only on weekends

If a town has 1,000 working-age people and 950 are employed, what is the employment rate?

• 90%

• 95%

• 85%

• 100%

Which of the following is considered an export?

• Goods/services we buy from other countries

• Goods/services we sell to other countries

• Goods/services we produce domestically

• Goods/services we import from other countries

What is the trade balance?

• The total value of goods sold domestically

• The difference between exports and imports

• The total value of imports only

• The total value of exports only