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

Need help with your exam preparation?

Existing Quiz Clients Login here
Question #1
Which of the following is counted in GDP?
A.   the value of leisure time
B.   the value of do-it-yourself work
C.   the value of cooking your own dinner
D.   the cost of reconstruction after Hurricane Katrina
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.   comparisons between countries is impossible
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.   All of these
C.   They may not calculate GDP annually
D.   They may calculate GDP using a different time period
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.   all of these
C.   decriminalization of drugs such as marijuana and cocaine
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 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.   constant dollar GDP
B.   real GDP
C.   relative value 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
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 but at a depreciated value
Question #8
GDP is not a measure of well-being because it does not include:
A.   illegal activities such as drug sales
B.   All work outside of the home
C.   environmental degradation
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.   nominal 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.   are not included in GDP
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 not included in GDP because it is illegal to grow oregano
C.   It is included only when the sauce is completed
D.   It is included as an intermediate good
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 increase
B.   GDP will decrease
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 industrial output
B.   the total value of all foreign sales and purchases
C.   total consumption in the economy
D.   the total value of all final goods and services
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 quickly after wartime periods
C.   GDP grows smoothly during all time periods
D.   GDP was not influenced by the influx of women into the labor market in the 1960s
Question #15
Which of the following is not included in U.S. GDP?
A.   Dell computers in San Francisco, CA
B.   Honda Motor Company in Atlanta, Georgia
C.   Dell computers in India
D.   A Mexican immigrant working in Los Angeles, CA

Need help with your exam preparation?

Existing Quiz Clients Login here