Video name: What is GDP?
1. GDP includes
a. All final goods.
b. All final services.
c. Both final goods and final services.
2. Which of the following
... [Show More] is counted in US GDP?
a. Used car purchased by a student for his commute to school b. Used oven purchased by a baker for her cake shop c. Drill purchased by a construction company
d. b & c only
e. None of the above
3. Which of the following is counted in US GDP?
a. A New video game made in China but purchased in the United States b. New growth in rainforests
c. A new quilt made by Jane and given to her grandmother for her 80 th birthday d. a & c only
e. None of the above
Video name: Nominal vs. Real GDP
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1. Real GDP controls for
a. changes in preferences.
b. changes in population.
c. changes in prices.
d. a & c only
e. a, b, & c
2. True or false: nominal GDP is always larger than real GDP.
a. True
b. False
3. True or false: real GDP is always larger than real GDP per capita.
a. True
b. False
4. True or false: if a country’s nominal GDP increases, it means the country is producing more goods and services.
a. True
b. False
5. Real GDP per capita in the US ____________ during the great recession of 2009.
a. increased
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b. decreased
c. did not change
Video name: Real GDP Per Capita and the Standard of Living
1. Real GDP per capita is positively correlated with all of the following except
a. malaria cases per capita.
b. life expectancy.
c. happiness.
d. education.
e. b & d only
f. a, b, c, & d
2. Real GDP per capita is usually used to compare the standard of living of
a. the same country at different points in time.
b. two different individuals at one point in time.
c. two different countries at one point in time.
d. a & c only.
e. None of the above.
Video name: Splitting GDP
1. True or False: Government purchases includes all of the following: social security payments, government employee wages, and tanks purchased by the government.
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a. True
b. False
2. Measuring GDP using the national spending approach includes
a. Consumption.
b. Net exports.
c. Government spending.
d. a & b only
e. a, b, c
Explanation:national spending approach includes government purchases not government spending.
3. Measuring GDP using the factor income approach includes
a. Employee compensation.
b. Interest.
c. Profit.
d. b & c only
e. a, b, c
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The Wealth of Nations and Economic Growth
Video name: Basic Facts about Wealth
1. Mexico and Bulgaria have roughly the same GDP per capita in 2014. Based on what you’ve learned in the video, is Bulgaria closer in GDP per capita to the United States or to Central African Republic?
a. United States
b. Central African Republic
c. Cannot be determined with the given information
2. Qatar has a higher GDP per capita than the United States. In fact, Qatar has a GDP per capita that is roughly _______ times larger than Central African Republic’s GDP per capita.
a. 10
b. 50
c. 75
d. 250
Video name: Growth Rates are Crucial
1. Which graph below is drawn with a ratio scale?
a.
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b.
c.
d.
2. Since 1800, real GDP per capita in the United States has doubled roughly every
a. 20 years
b. 35 years
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c. 50 years
d. 70 years
3. Suppose two countries start with a real GDP per capita level of $2,000, but country A is growing at 2% per year and country B is growing at 3% per year. After 140 years, country B will have a real GDP per capita that is roughly ________ times higher than country A.
(Hint- you may want to review the “Rule of 70” to answer this question)
a. 2
b. 3
c. 4
d. 5
Video name: Office Hours: Rule of 70
1. Two countries start with the same real GDP per capita. Country A is growing at 7% and country B is growing at 4%. After 70 years, how much larger is country A?
a. 3 times larger
b. 4 times larger
c. 6 times larger
d. 8 times larger
e. 10 times larger
2. Two countries start with the same real GDP per capita. Country A’s real GDP per capita is growing at 4% and after 140 years, it is 16 times larger than country B’s. What was country B’s growth rate?
a. 1%
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b. 2%
c. 3%
d. 3.5% [Show Less]