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.   comparisons between countries is impossible
B.   some countries are more productive than others
C.   international comparisons of per capita GDP are often misleading
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.   All of these
D.   They may not calculate GDP annually
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.   all of these
D.   decriminalization of prostitution
Question #5
Which of the following is counted in GDP?
A.   the cost of government provided social services such as public education
B.   the value of illegal drug sales
C.   the value of illegally produced goods
D.   the value of volunteer work performed at a homeless shelter
Question #6
Nominal GDP is another term for
A.   relative value GDP
B.   real GDP
C.   current dollar GDP
D.   constant 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 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.   All work outside of the home
B.   illegal activities such as drug sales
C.   college students efforts while studying for macroeconomics
D.   environmental degradation
Question #9
Real GDP is another term for
A.   nominal GDP
B.   constant dollar GDP
C.   relative value GDP
D.   current dollar GDP
Question #10
Intermediate goods, like milk sold by a farmer to a supermarket, are
A.   included in GDP at market value
B.   included in GDP
C.   included if it is imported
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
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.   GDP will decrease
B.   Both real and nominal GDP will increase
C.   Real GDP will increase and nominal GDP will decrease
D.   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 foreign sales and purchases
C.   total industrial output
D.   the total value of all final goods and services
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 fluctuated more intensely during the first half of the 20th century than the second half
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.   A Mexican immigrant working in Los Angeles, CA
B.   Dell computers in San Francisco, CA
C.   Dell computers in India
D.   Honda Motor Company in Atlanta, Georgia

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