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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
Year
B
Decade
C
Month
D
Century
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
Usable Income
C
Disposable Income
D
Expendable 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
Nominal GDP
B
GDP Per Capita
C
Net GDP.
D
GDP
6) This is the bottom of the business cycle.
A
Trough
B
Recession.
C
Peak
D
Expansion
7) If GDP doesn't grow for longer than six months, the economy is in this.
A
Depression
B
Expansion
C
Recession
D
Repression
8) Our spending on Social Security is _______ than our defense spending.
A
Less
B
More
C
Close
D
Exactly the same
9) Our federal budget amounts to this.
A
$4 Trillion
B
$14 Trillion
C
$14 Billion
D
$4 Billion
10) The measure of our everyday costs like food, housing and medical care is this.
A
Consumer Price Index
B
Nominal Income
C
Discretionary Income
D
Real Income
*select an answer for all questions
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