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Chapter 6 Reading Quiz
Question 1
Which of the following would be counted in GDP?
imported cheese
used furniture
vegetables sold in a farmers market
vegetables grown in a backyard
Question 2
If a country has a trade surplus, then the country
does not trade with other countries
imports as much as it exports
exports more than it imports
imports more than it exports
Question 3
The nominal GDP of Coruscant is $73 billion USD and the real GDP is $76 billion USD. What is the GDP deflator?
1.04
104
0.96
96
Question 4
Why do we not make comparisons of nominal GDP over several years?
Nominal GDP does not include intermediate goods
Nominal GDP does not take into account the effects of inflation
Nominal GDP does not include imported goods
Nominal GDP does not include childcare
Question 5
The nominal GDP of Jakku is $52 billion USD and the GDP deflator is 104. What is the real GDP?
0.5
54
50
2
Question 6
New housing is included under which category?
consumption
investment
net exports
durable goods
Question 7
The real GDP of Tatooine in 2020 was $23 billion USD. In 2021, the real GDP of Tatooine changed to $21 billion USD. What is the real GDP growth rate?
0.095%
– 8.7%
– 0.087%
9.5%
Question 8
Why is GDP an imperfect measure for “standard of living”?
it does not take into account actual levels of healthcare available
it measures the income of a country
it does not include imported goods
it does not include goods sold from home
Question 9
The table below contains economic data for Dagobah. Nominal and Real GDP is measured in USD.
| Nominal and Real GDP of Dagobah | |||
| Year |
Nominal GDP (in billion USD) |
Real GDP (in billion USD) |
GDP Deflator |
| 2020 | $15 | $16 | 93.75 |
| 2021 | $17 | $17 | 100 |
| 2022 | $18.5 | $170 | 108.8 |
What is the inflation rate from 2021 to 2022?
6.7%
0.08%
0%
8.8%
Question 10
The nominal interest rate on an interest-bearing account is 0.5%. If the inflation rate is 3%, what is the real interest rate?
2.5%
3.5%
-2.5%
0.5%
Chapter 6 Reading Quiz
Which of the following would be counted in GDP?
imported cheese
used furniture
vegetables sold in a farmers market
vegetables grown in a backyard
Answer: vegetables sold in a farmers market