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 cooking your own dinner
B.   the cost of reconstruction after Hurricane Katrina
C.   the value of leisure time
D.   the value of do-it-yourself work
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.   international comparisons of per capita GDP are often misleading
C.   comparisons between countries is impossible
D.   persons live better in some countries than others
Question #3
It is difficult to compare the U.S. GDP with other countries' GDP because:
A.   Their economy may have many unorganized markets
B.   They may calculate GDP using a different time period
C.   They may not calculate GDP annually
D.   All of these
Question #4
Which of the following would tend to increase the value of officially measured GDP?
A.   all of these
B.   decriminalization of drugs such as marijuana and cocaine
C.   decriminalization of prostitution
D.   decriminalization of gambling on basketball and football
Question #5
Which of the following is counted in GDP?
A.   the value of illegal drug sales
B.   the cost of government provided social services such as public education
C.   the value of volunteer work performed at a homeless shelter
D.   the value of illegally produced goods
Question #6
Nominal GDP is another term for
A.   relative value GDP
B.   constant dollar GDP
C.   real GDP
D.   current dollar 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 in 1965
C.   be included in GDP for this year and 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.   illegal activities such as drug sales
B.   environmental degradation
C.   college students efforts while studying for macroeconomics
D.   All work outside of the home
Question #9
Real GDP is another term for
A.   nominal GDP
B.   relative value GDP
C.   constant dollar GDP
D.   current dollar GDP
Question #10
Intermediate goods, like milk sold by a farmer to a supermarket, are
A.   included if it is imported
B.   included in GDP
C.   included in GDP at market value
D.   are not included in GDP
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 because it is illegal to grow oregano
C.   It is included only when the sauce is completed
D.   It is not included in GDP
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.   GDP will decrease
B.   GDP will increase
C.   Real GDP will increase and nominal GDP will decrease
D.   Both real and nominal GDP will increase
Question #13
Gross Domestic Product is a monetary measure of
A.   total consumption in the economy
B.   the total value of all final goods and services
C.   the total value of all foreign sales and purchases
D.   total industrial output
Question #14
The Growth rate of GDP over time illustrates that:
A.   GDP grows quickly after wartime periods
B.   GDP was not influenced by the influx of women into the labor market in the 1960s
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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