Econ 102 - Principles of Macroeconomics » Fall 2022 » GDP Quiz

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Question #1
This year you purchase a beautiful vintage 1965 Thunderbird convertible. This purchase would
A.   be included in GDP for this year and 1965
B.   be included in this year's GDP
C.   be included in this year's GDP but at a depreciated value
D.   be included in GDP in 1965
Question #2
Nominal GDP is another term for
A.   relative value GDP
B.   real GDP
C.   constant dollar GDP
D.   current dollar GDP
Question #3
Since countries differ in the amount of economic activity that is transacted in organized markets
A.   international comparisons of per capita GDP are often misleading
B.   persons live better in some countries than others
C.   some countries are more productive than others
D.   comparisons between countries is impossible
Question #4
Which of the following is counted in GDP?
A.   the cost of government provided social services such as public education
B.   the value of volunteer work performed at a homeless shelter
C.   the value of illegal drug sales
D.   the value of illegally produced goods
Question #5
Intermediate goods, like milk sold by a farmer to a supermarket, are
A.   are not included in GDP
B.   included in GDP
C.   included if it is imported
D.   included in GDP at market value
Question #6
Which of the following is not included in U.S. GDP?
A.   A Mexican immigrant working in Los Angeles, CA
B.   Honda Motor Company in Atlanta, Georgia
C.   Dell computers in San Francisco, CA
D.   Dell computers in India
Question #7
It is difficult to compare the U.S. GDP with other countries' GDP because:
A.   They may not calculate GDP annually
B.   Their economy may have many unorganized markets
C.   They may calculate GDP using a different time period
D.   All of these
Question #8
Which of the following would tend to increase the value of officially measured GDP?
A.   decriminalization of drugs such as marijuana and cocaine
B.   all of these
C.   decriminalization of gambling on basketball and football
D.   decriminalization of prostitution
Question #9
Dissatisfaction with public education has led many parents to try home schooling for their children. If parents cut back on their jobs outside the home in order to spend time teaching their children at home, how will this affect GDP?
A.   Real GDP will increase and nominal GDP will decrease
B.   Both real and nominal GDP will increase
C.   GDP will increase
D.   GDP will decrease
Question #10
Which of the following is counted in GDP?
A.   the value of leisure time
B.   the value of cooking your own dinner
C.   the value of do-it-yourself work
D.   the cost of reconstruction after Hurricane Katrina
Question #11
Gross Domestic Product is a monetary measure of
A.   the total value of all final goods and services
B.   total industrial output
C.   the total value of all foreign sales and purchases
D.   total consumption in the economy
Question #12
Amber grows basil in her backyard garden to use in her homemade pesto sauce. How is this gardening included in GDP?
A.   It is not included in GDP because it is illegal to grow oregano
B.   It is not included in GDP
C.   It is included as an intermediate good
D.   It is included only when the sauce is completed
Question #13
GDP is not a measure of well-being because it does not include:
A.   college students efforts while studying for macroeconomics
B.   illegal activities such as drug sales
C.   All work outside of the home
D.   environmental degradation
Question #14
The Growth rate of GDP over time illustrates that:
A.   GDP was not influenced by the influx of women into the labor market in the 1960s
B.   GDP grows quickly after wartime periods
C.   GDP grows smoothly during all time periods
D.   GDP fluctuated more intensely during the first half of the 20th century than the second half
Question #15
Real GDP is another term for
A.   nominal GDP
B.   constant dollar GDP
C.   relative value GDP
D.   current dollar GDP

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