3. USAEO Macroeconomics

Gdp Basics — Quiz

Test your understanding of gdp basics with 5 practice questions.

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Practice Questions

Question 1

Which of the following best describes what Gross Domestic Product (GDP) measures?

Question 2

Which of the following is included in the calculation of a country’s GDP?

Question 3

If a country’s nominal GDP in year 1 is $1.5 trillion and the GDP deflator is 120, what is the real GDP for year 1?

Question 4

Which of the following would cause an increase in a country’s GDP?

Question 5

Suppose a country produces only two goods: cars and computers. In year 1, it produces 1,000 cars at a price of $20,000 each and 2,000 computers at a price of $1,000 each. In year 2, it produces 1,100 cars at a price of $22,000 each and 2,100 computers at a price of $1,200 each. What is the percentage change in nominal GDP from year 1 to year 2?