ECON 214 Quiz: Gross Domestic Product

1. To evaluate the change in average living standards over time, it is best to use:
2. When John buys new tires for his car it _______, and when Ford buys tires to put on new cars it
3. The country’s long-run average growth rate is 3%. In how many of these quarters did GDP contract?
4. Assuming the price level increased, if real GDP is greater than nominal GDP for a given year, then:
5. The nominal GDP increased from \$15.44 trillion to \$15.75 trillion, and the price level increased from 116.5 to 122.3. Which of the following is true?
6. Net exports can be defined as:
7. In which year was the economy growing at the long-run average growth rate?
8. Country A has a GDP of \$200,000 and a population of 1,000. Country B has a GDP of \$400,000 and a population of 4,000. Which of the following is true?
9. The nominal GDP increased from \$15.62 trillion to \$16.09 trillion, and the price level increased from 120.0 to 122.4. The growth rate of real GDP was approximate: (Round to the nearest second decimal.)
10. What was the GDP deflator in 2013?
11. What was the growth rate of real GDP between the two years?
12. The percent change in the overall level of prices in the economy is called:
13. Between quarter 10 and quarter 11, real GDP grew by what percentage?
14. The government purchases category of GDP includes spending by:
15. Between two given years, if real GDP and nominal GDP grow at the same rate, then:

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