Title: QUIZ: Gross Domestic Product -- Economic Lowdown Video Series
Course: Andria Testing FRE2 > Section: Gross Domestic Product -- Economic Lowdown Video Series

Q: Which of the following is a final good or service?
- Flour sold to a bakery to be used to bake a birthday cake
- Flour sold to your grandmother to be used to make a birthday cake 
- Flour sold to a restaurant to be used to bake a birthday cake 
- Flour sold to a large food processing company to be used to make birthday cakes 
A: Flour sold to your grandmother to be used to make a birthday cake 

Q: The countries of Sigma and Kappa both have a GDP of $25 Billion. The population of Sigma is 1 million. The population of Kappa is 2 million.  Which country has a higher standard of living?
- Sigma
- Kappa
- Sigma and Kappa have the same standard of living.
- This cannot be determined with the information provided.
A: Sigma

Q: Since 1950, the growth rate of the U.S. economy, as measured by real GDP,  has averaged about
- 1.3 percent.
- 3.3 percent.
- 5.3 percent.
- 7.3 percent.
A: 3.3 percent.

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: Which is the best indicator of economic growth over time?
- GDP
- Real GDP
- Nominal GDP
- GDP per capita
A: Real GDP

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.
- normal GDP has declined for two consecutive quarters.
A: real GDP has declined for two consecutive quarters.

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.

Q: GDP measures the
- change in production levels at the 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.