ECON 214 Quiz GDP
ECON 214 Quiz: Gross Domestic Product
- To evaluate the change in average living standards over time, it is best to use:
- When John buys new tires for his car it _______, and when Ford buys tires to put on new cars it
- The country’s long-run average growth rate is 3%. In how many of these quarters did GDP contract?
- Assuming the price level increased, if real GDP is greater than nominal GDP for a given year, then:
- Nominal GDP increased from $15.44 trillion to $15.75 trillion, and the price level increased from 116.5 to 122.3. Which of the following is true?
- Net exports can be defined as:
- In which year was the economy growing at the long-run average growth rate?
- Country A has a GDP of $200,000 and a population of 1,000. Country B has a GDP of $400,000 and a population of 4,000. Which of the following is true?
- Nominal GDP increased from $15.62 trillion to $16.09 trillion, and the price level increased from 120.0 to 122.4. The growth rate of real GDP was approximately: (Round to the nearest second decimal.)
- What was the GDP deflator in 2013?
- What was the growth rate of real GDP between the two years?
- The percent change in the overall level of prices in the economy is called:
- Between quarter 10 and quarter 11, real GDP grew by what percentage?
- The government purchases category of GDP includes spending by:
- Between two given years, if real GDP and nominal GDP grow at the same rate, then: