#1
Which of the following is included in the calculation of GDP?
Government purchases of goods and services
Transfer payments
Social security payments
Unemployment benefits
#2
Which of the following is an example of a final good or service?
Wheat purchased by a bakery to make bread
A loaf of bread purchased by a consumer
Steel purchased by an automobile manufacturer
Machinery purchased by a factory
#3
Which of the following is an example of an investment expenditure in the calculation of GDP?
Government spending on healthcare
Purchases of new machinery by a factory
Payment of salaries to employees
Purchase of groceries by consumers
#4
Which of the following would be considered an example of consumption expenditure in the calculation of GDP?
A company purchasing new office furniture
A household buying groceries
Government buying military equipment
An individual investing in stocks
#5
Which of the following best describes the relationship between GDP and standard of living?
Higher GDP always leads to a higher standard of living
Higher GDP may or may not lead to a higher standard of living
Higher GDP always leads to a lower standard of living
Higher GDP always leads to economic recession
#6
Which of the following is included in the calculation of GDP under the expenditure approach?
Government transfer payments
Corporate income taxes
Consumer savings
Business inventory changes
#7
Which component of GDP represents the total value of all goods and services produced by a country's residents, regardless of where they are located?
Gross Domestic Product (GDP)
Gross National Product (GNP)
Net Exports (NX)
Consumption (C)
#8
If a country's GDP is $10 trillion and its government expenditures are $2 trillion, what is the percentage of government spending in the GDP?
#9
Which of the following is not counted in the calculation of GDP?
The sale of a used car
The value of a newly constructed house
The services of a financial consultant
The purchase of stocks and bonds
#10
Which of the following is an example of government transfer payments?
Social security benefits
Construction of new highways
Purchase of military equipment
Funding for education programs
#11
Which of the following is not a component of GDP?
Consumption
Investment
Exports
Imports
#12
Which of the following is considered an example of a capital good?
A piece of machinery used in manufacturing
A smartphone purchased by a consumer
A loaf of bread
A haircut
#13
Which of the following would be considered an intermediate good?
A car purchased by a consumer
Steel purchased by an automobile manufacturer to produce cars
A laptop purchased by a student for personal use
Clothing purchased by a retailer to sell in their store
#14
Which of the following is included in the calculation of net exports (NX)?
Exports minus imports
Imports minus exports
Exports plus imports
Imports plus government purchases
#15
Which of the following statements accurately describes the underground economy in relation to GDP?
The underground economy is included in GDP calculations
The underground economy is excluded from GDP calculations
The underground economy is difficult to quantify and may not be accurately reflected in GDP
The underground economy has no impact on GDP
#16
Which of the following would be considered a non-market transaction?
Purchase of groceries from a supermarket
Payment for childcare services
Volunteer work
Purchase of a new car
#17
Which of the following is considered an example of a durable good?
A loaf of bread
A computer
A haircut
A movie ticket