Econ 102 - Principles of Macroeconomics » Spring 2023 » GDP Quiz

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

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