Title: QUIZ: Gross Domestic Product (GDP) -- Economic Lowdown Audio Series
Course: Andria Testing FRE > Section: Gross Domestic Product (GDP) -- Economic Lowdown Audio Series

Q: What are intermediate goods?
- Goods used in the production of final goods and services
- Goods that are sold to consumers to fulfill their wants
- Goods created by putting together initial goods
- Goods created by taking apart final goods
A: Goods used in the production of final goods and services

Q: What does GDP per capita indicate about a particular country?
- The health of the economy
- Wealth per person
- The inflation felt by households
- Average standard of living
A: Average standard of living

Q: Which of the following is a final good or service?
- Sugar sold to a bakery to be used to bake cookies
- Sugar sold to your mother to be used to bake your favorite cookies
- Sugar sold to a restaurant to be used to bake cookies
- Sugar sold to a large food processing company to be used to make cookies
A: Sugar sold to your mother to be used to bake your favorite cookies

Q: Which is the most accurate indicator of economic output over time?
- GDP
- Real GDP
- Nominal GDP
- GDP per capita
A: Real GDP

Q: Which of the following would be counted in U.S. GDP?
- A gadget produced in the U.S. by a Mexican company
- A gadget produced in Canada by a Missouri company
- A gadget produced in Germany by a Tennessee company
- A gadget produced in China by an Arkansas company
A: A gadget produced in the U.S. by a Mexican company

Q: A general rule of thumb says that a country has experienced a recession if __________.
- GDP has declined
- real GDP has declined
- real GDP has declined for two consecutive quarters
- nominal GDP has declined for two consecutive quarters
A: real GDP has declined for two consecutive quarters

Q: GDP measures the __________.
- change in production levels at U.S. owned firms measured quarterly
- change in total employment at U.S. owned firms over the course of a given year
- total market value of all final goods and services produced in an economy in a given year
- total market value of intermediate goods and services produced by the citizens of a country in a given year
A: total market value of all final goods and services produced in an economy in a given year

Q: Real GDP is __________.
- nominal GDP adjusted for inflation
- GDP adjusted for changes in output
- nominal GDP adjusted for population
- GDP adjusted for standard of living
A: nominal GDP adjusted for inflation