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GDP/Government Growth
Test Description: How do we measure GDP and how has the size of government changed?
Instructions: Answer all questions to get your test result.
1) The time unit for measuring GDP is this.
A
Decade
B
Century
C
Year
D
Month
2) This would be part of what GDP measures.
A
Toaster
B
All of responses are correct.
C
Hair cut
D
Army Tank
3) The money we have left in our check after taxes is called this.
A
Expendable Income
B
Disposable Income
C
Discretionary Income
D
Usable Income
4) Assuming your income is steady, inflation does this to your purchasing power.
A
It's not this.
B
Decreases it.
C
Stays the same.
D
Increases it.
5) The term that measures how much we produce per person in a country is this.
A
GDP
B
Net GDP.
C
Nominal GDP
D
GDP Per Capita
6) This is the bottom of the business cycle.
A
Trough
B
Peak
C
Expansion
D
Recession.
7) If GDP doesn't grow for longer than six months, the economy is in this.
A
Depression
B
Repression
C
Recession
D
Expansion
8) Our spending on Social Security is _______ than our defense spending.
A
Less
B
More
C
Exactly the same
D
Close
9) Our federal budget amounts to this.
A
$4 Trillion
B
$4 Billion
C
$14 Trillion
D
$14 Billion
10) The measure of our everyday costs like food, housing and medical care is this.
A
Real Income
B
Nominal Income
C
Discretionary Income
D
Consumer Price Index
*select an answer for all questions
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