Gross domestic product
Understanding GDP: Test Your Knowledge
Take our quiz to test your understanding of Gross Domestic Product (GDP) and its significance in economics. This quiz includes a variety of questions that cover fundamental aspects and measures of GDP.
Topics include:
- Formula for calculating GDP
- Difference between nominal and real GDP
- GDP per capita
What is the formula for calculating Gross Domestic Product (GDP)?
GDP = C + I + G + E - M
GDP = C + S + T
GDP = I + E + R
GDP = P + L + G - M
What does GDP measure?
The total value of goods and services produced within a country's borders
The total value of imports and exports
The total value of investments made by foreign investors
The total value of taxes collected in a given year
What does GDP per capita measure?
A country's average economic output per person
A country's average income per person
A country's total economic output
A country's total population
Which country has the largest GDP?
United States
China
Japan
India
What is the difference between nominal and real GDP?
Nominal GDP measures current prices while real GDP adjusts for inflation
Nominal GDP measures past prices while real GDP adjusts for inflation
Nominal GDP measures future prices while real GDP adjusts for inflation
Real GDP measures present prices while nominal GDP adjusts for inflation
What is an example of a negative contribution to GDP?
An increase in unemployment
An increase in investment
An increase in taxes
An increase in exports
How often is GDP reported in Germany?
Quarterly
Annually
Monthly
Semi-Annual
What is the most significant indicator of a country's economic health?
GDP
Inflation rate
Unemployment rate
Exchange rate
What is the main component of GDP?
Consumption
Investment
Government spending
Trade
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