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 cost of reconstruction after Hurricane Katrina
B.   the value of leisure time
C.   the value of do-it-yourself work
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.   persons live better in some countries than others
B.   some countries are more productive than others
C.   comparisons between countries is impossible
D.   international comparisons of per capita GDP are often misleading
Question #3
It is difficult to compare the U.S. GDP with other countries' GDP because:
A.   They may calculate GDP using a different time period
B.   They may not calculate GDP annually
C.   Their economy may have many unorganized markets
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 gambling on basketball and football
D.   decriminalization of prostitution
Question #5
Which of the following is counted in GDP?
A.   the value of illegal drug sales
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 illegally produced goods
Question #6
Nominal GDP is another term for
A.   real GDP
B.   constant dollar 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 this year's GDP
D.   be included in GDP in 1965
Question #8
GDP is not a measure of well-being because it does not include:
A.   environmental degradation
B.   illegal activities such as drug sales
C.   All work outside of the home
D.   college students efforts while studying for macroeconomics
Question #9
Real GDP is another term for
A.   relative value GDP
B.   constant dollar GDP
C.   current dollar GDP
D.   nominal GDP
Question #10
Intermediate goods, like milk sold by a farmer to a supermarket, are
A.   are not included in GDP
B.   included in GDP at market value
C.   included if it is imported
D.   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 not included in GDP
B.   It is included as an intermediate good
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.   Both real and nominal GDP will increase
B.   Real GDP will increase and nominal GDP will decrease
C.   GDP will increase
D.   GDP will decrease
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.   total industrial output
D.   the total value of all foreign sales and purchases
Question #14
The Growth rate of GDP over time illustrates that:
A.   GDP fluctuated more intensely during the first half of the 20th century than the second half
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 grows quickly after wartime periods
Question #15
Which of the following is not included in U.S. GDP?
A.   Dell computers in San Francisco, CA
B.   Dell computers in India
C.   Honda Motor Company in Atlanta, Georgia
D.   A Mexican immigrant working in Los Angeles, CA

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