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.   international comparisons of per capita GDP are often misleading
B.   comparisons between countries is impossible
C.   persons live better in some countries than others
D.   some countries are more productive than others
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.   Their economy may have many unorganized markets
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 value of illegally produced goods
C.   the cost of government provided social services such as public education
D.   the value of volunteer work performed at a homeless shelter
Question #6
Nominal GDP is another term for
A.   relative value GDP
B.   current dollar GDP
C.   constant dollar GDP
D.   real GDP
Question #7
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 but at a depreciated value
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.   All work outside of the home
C.   college students efforts while studying for macroeconomics
D.   illegal activities such as drug sales
Question #9
Real GDP is another term for
A.   current dollar GDP
B.   constant dollar GDP
C.   nominal GDP
D.   relative value 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
C.   included in GDP at market value
D.   included if it is imported
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 because it is illegal to grow oregano
B.   It is included as an intermediate good
C.   It is not included in GDP
D.   It is included only when the sauce is completed
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 increase
C.   GDP will decrease
D.   Both real and nominal 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 fluctuated more intensely during the first half of the 20th century than the second half
B.   GDP grows smoothly during all time periods
C.   GDP was not influenced by the influx of women into the labor market in the 1960s
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.   A Mexican immigrant working in Los Angeles, CA
C.   Dell computers in India
D.   Honda Motor Company in Atlanta, Georgia

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