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