macro drills10 questions

GDP Fundamentals Drill 1

This is an ORIGINAL practice set for Econixa learners — not from any official exam. It covers the definition of GDP, the expenditure approach, and what is excluded from GDP.

Q1.
Which of the following best defines gross domestic product (GDP)?

Multiple choice · Foundations

Q2.
In the expenditure approach, GDP is calculated as:

Multiple choice · Foundations

Q3.
A car manufacturer buys steel worth $8,000 and sells a finished car for$ 25,000. How much does this transaction add to GDP?

Multiple choice · Foundations

Q4.
Which transaction would be EXCLUDED from this year's GDP?

Multiple choice · Foundations

Q5.
Transfer payments such as Social Security benefits are excluded from GDP because they:

Multiple choice · Foundations

Q6.
If nominal GDP is $24 trillion and real GDP is$ 20 trillion, the GDP deflator is approximately:

Multiple choice · Intermediate

Q7.
Nominal GDP rose 8% last year while the GDP deflator rose 5%. Real GDP growth was approximately:

Multiple choice · Intermediate

Q8.
Which of the following is a recognized limitation of GDP as a measure of well-being?

Multiple choice · Intermediate

Q9.
Gross national product (GNP) differs from GDP in that GNP:

Multiple choice · Foundations

Q10.
A country's GDP per capita is $60,000 and its population is 50 million. Its total GDP is:

Multiple choice · Intermediate

GDP Fundamentals Drill 1

Q1. Which of the following best defines gross domestic product (GDP)?

Q2. In the expenditure approach, GDP is calculated as:

Q3. A car manufacturer buys steel worth 8,000andsellsafinishedcarfor8,000 and sells a finished car for 8,000andsellsafinishedcarfor25,000. How much does this transaction add to GDP?

Q4. Which transaction would be EXCLUDED from this year's GDP?

Q5. Transfer payments such as Social Security benefits are excluded from GDP because they:

Q6. If nominal GDP is 24trillionandrealGDPis24 trillion and real GDP is 24trillionandrealGDPis20 trillion, the GDP deflator is approximately:

Q7. Nominal GDP rose 8% last year while the GDP deflator rose 5%. Real GDP growth was approximately:

Q8. Which of the following is a recognized limitation of GDP as a measure of well-being?

Q9. Gross national product (GNP) differs from GDP in that GNP:

Q10. A country's GDP per capita is $60,000 and its population is 50 million. Its total GDP is:

Q1.
Which of the following best defines gross domestic product (GDP)?

Q2.
In the expenditure approach, GDP is calculated as:

Q3.
A car manufacturer buys steel worth $8,000 and sells a finished car for$ 25,000. How much does this transaction add to GDP?

Q4.
Which transaction would be EXCLUDED from this year's GDP?

Q5.
Transfer payments such as Social Security benefits are excluded from GDP because they:

Q6.
If nominal GDP is $24 trillion and real GDP is$ 20 trillion, the GDP deflator is approximately:

Q7.
Nominal GDP rose 8% last year while the GDP deflator rose 5%. Real GDP growth was approximately:

Q8.
Which of the following is a recognized limitation of GDP as a measure of well-being?

Q9.
Gross national product (GNP) differs from GDP in that GNP:

Q10.
A country's GDP per capita is $60,000 and its population is 50 million. Its total GDP is: