Title: QUIZ: Definition of GDP -- GDP Video Explainers
Course: Andria Testing FRE2 > Section: Definition of GDP -- GDP Video Explainers

Q: What does GDP stand for?
- Goods of Domestic Production
- Gross Domestic Product
- Gross Damaging Prices
- Goods Doing Production
A: Gross Domestic Product

Q: What is GDP?
- The total market value of services, not goods, in a given year
- The total market value of goods, not services, in a given year
- The total market value of intermediate goods and services in a given year
- The total market value of all final goods and services in a given year
A: The total market value of all final goods and services in a given year

Q: How do you calculate the GDP?
- Multiply the amount of goods produced by the wages of the labor that produced them
- Multiply the prices of the goods and services by the quantities sold and add it all up for the entire economy
- Multiply the price of the goods sold times the prices of the services provided and divide the whole thing by inflation rate
- Add up the total amount of goods and services in an economy and multiply by the inflation rate
A: Multiply the prices of the goods and services by the quantities sold and add it all up for the entire economy

Q: An economy is considered growing when:
- It is producing more goods and services, a higher GDP
- It is producing fewer goods and services, a lower GDP
- It is producing fewer goods, but more services, rendering GDP constant
- It is producing fewer goods and services but GDP grows due to high
inflation
A: It is producing more goods and services, a higher GDP